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  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
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      "text": "Despite its 100-year head start in consumer entertainment, iconic IP, superior scale and diversification, Disney has underperformed and disappointed its investors by nearly every objective measure of business and stock price performance over the past decade.",
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      "text": "Lagging Media Business: Despite its scale, Disney's overall media margins lag peers, with its once-dominant studio struggling and its streaming business under-earning",
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      "text": "Poor Shareholder Returns: For nearly a decade, owning Disney stock has been a losing investment as shareholders have witnessed tens of billions of dollars of value destruction",
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      "text": "Eroding Brand Health: Brand health appears to be declining, putting its commercial flywheel at risk",
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      "text": "Disney is Advantaged: Most advantaged consumer entertainment company, positioned to be a streaming winner with extremely attractive Parks business underpinning value",
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      "text": "Deteriorating Financials: Despite investing $200bn since FY 2018, Disney's financial results have deteriorated",
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