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  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
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  "authorName": "Trian Partners",
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  "presentationDate": "2024-03-01 00:00:00",
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  "notes": "The chart uses a color gradient to emphasize the growth in expenses over time.",
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      "kind": "chart",
      "text": "Disney’s Corporate and Unallocated Shared Expenses ($mm)",
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      "text": "While Disney does not disclose how much corporate overhead is allocated to each segment, we find it notable that unallocated corporate costs are over $1 billion annually and have grown at an annualized rate of 12% since 2017\nIn our experience, allocated corporate overhead is often multiples larger than the unallocated amount disclosed",
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      "text": "We believe that Disney has a bloated and growing corporate office where most of the costs are allocated to each segment.",
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      "kind": "source-note",
      "text": "Source: SEC filings. Note: Disney’s segment operating results include “allocations of certain costs, including information technology, pension, legal and other shared services costs.”",
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      "text": "Large and Growing Corporate Overhead Allocations Likely Weigh on Media Segment Margins",
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