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  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
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  "notes": "The slide uses a two-column comparison structure to present strategic alternatives for the Board.",
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      "text": "Given that Disney's plan for ESPN involves products that have yet to be launched, we see two potential paths for ESPN that Disney should evaluate in detail:",
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      "text": "We believe a viable, shareholder-friendly path forward for ESPN is to harvest cash out of its linear business to selectively reinvest in ESPN+ and higher growth parts of Disney's business. ESPN+ has 25mm subs today.",
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      "text": "Given the high cost of sports programming, ESPN needs to be broadly distributed or command a very high price point to earn attractive returns. We believe a high-priced sports app with a limited sports offering is a difficult customer proposition.",
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      "kind": "list",
      "text": "1. Move Forward with ESPN Flagship DTC, Ideally With a \"Bundle\" Partner like Netflix or Amazon, After Justifying Distribution Strategy",
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      "text": "2. Scale Back ESPN's DTC Plans and Focus on Maximizing the Value of ESPN+ and the Existing Linear Business",
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      "text": "While we are open-minded, we are skeptical that a flagship ESPN DTC service is a viable business model given rising sports programming costs and the consumption patterns of sports fans.",
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      "text": "Our Nominees Will Insist on a Digital Strategy for ESPN That Has a Clear Path to Attractive Financial Returns",
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