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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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  "pageNumber": 119,
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  "notes": "The slide uses a 'villain' framing (Universal) to create urgency for the activist's demand (Disney CapEx transparency).",
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      "kind": "callout",
      "text": "Given the new, serious competitive threat Epic Universe presents, Disney needs to fortify its leadership position with new investment. How much of the $60 billion of CapEx is earmarked for new attractions at Disney World? When will that capital be spent?",
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      "text": "Epic Universe park rendering and sub-world logos",
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      "kind": "list",
      "text": "50+ New Attractions; 500 rooms in Helios Grand Hotel; Opening Summer 2025; $3-4B Capital Invested; Key IP: Super Nintendo World, Harry Potter, How to Train Your Dragon",
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      "kind": "paragraph",
      "text": "Disney World in Orlando contributes approximately one-third of Disney's operating income(1). Universal's expansion in the same market will bring new competition to Disney World and threaten Disney's leadership position.",
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      "text": "Source: Company releases, FactSet. Note: (1) Estimate of FY 2023 operating income derived from Wall Street Equity Research.",
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      "kind": "title",
      "text": "Universal's Expansion in Orlando Requires a More Urgent and Targeted Response From Disney",
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