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  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
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      "text": "Pro Forma Disney Adj. EBIT CAGR After Hypothetical Linear JV Partnership",
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      "text": "We believe the non-core linear networks are a conundrum for investors – 13% of the Company’s current revenue sits in negative growth assets. Disney’s solution to this problem is to de-prioritize the linear business and manage the decline.",
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      "text": "Source: FactSet, CNBC. Note: (1) On July 13, 2023, Disney’s CEO said the non-Sports linear business “may not be core Disney” and left it out of its “four building blocks” strategic framework. (2) Reflects CAGR based on consensus operating income estimates.",
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      "text": "Potential Linear Equity Partnership Benefits to Disney & Shareholders",
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      "text": "Finding a Partner for Non-Core Linear Networks Is Key To Improving Disney’s Strategic Focus and Growth Prospects",
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