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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 slide highlights that the $200B investment is roughly equivalent to the company's current market cap, implying poor capital allocation.",
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      "kind": "callout",
      "text": "$200 Billion of Cumulative Incremental Investments Since the End of FY18 Nearly Equals Disney's Current Market Cap",
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      "text": "Source: SEC filings, FactSet. Note: (1) M&A Invested Capital represents the enterprise value of consolidated 21st Century Fox assets post-RSN & Yes Network divestiture and sale of Sky stake.",
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      "kind": "title",
      "text": "Disney Has Invested $200 Billion Into Growth Since 2018...",
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      "evidence": "chart/waterfall-bridge: Disney’s Segment Operating Income Attribution (FY 2023 vs. FY 2018)",
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