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  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
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  "notes": "The slide uses a 'before-after' style comparison of financial metrics to expose a contradiction between management's awareness and their lack of action.",
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      "text": "...as has Studio SG&A and Other Operating Expenses",
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      "text": "Linear SG&A and Other Operating Expense Growth Has Outpaced Sales",
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      "text": "We believe that it is unlikely that Disney can realize its full potential if it refuses to sufficiently right-size expenses in legacy businesses that are growth challenged",
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      "text": "Disney management has been clear-eyed about the challenges facing the linear and studio businesses, yet the Company has apparently done very little to adjust its business accordingly.",
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      "text": "Source: SEC filings. Note: Revenue and Operating profit adjusted for intersegment allocation of revenue from Consumer Products for comparability purposes post-Disney's recasting of segment financials. (1) Includes Entertainment Linear and Sports segment (which includes small contribution from ESPN+), (2) Excludes equity in the income of investees.",
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