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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": "Uses a waterfall-style red arrow to visually bridge the high revenue and low margin for Disney.",
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      "text": "Revenue vs. Peers, CY 2023 ($bn)",
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      "text": "Despite having the largest revenue base in media, arguably the best IP, iconic studios, and multiple distribution channels, Disney's Media business (\"Entertainment\" and \"Sports\") significantly under-earns its media peers.",
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      "text": "Source: SEC filings. Note: Disney \"Media\" business represents the sum of its \"Entertainment\" and \"Sports\" segments. Disney's \"Media\" EBITDA excludes earnings in unconsolidated equity affiliates and includes an estimated allocation of corporate and unallocated shared expense based on Media's pro rata revenue contribution to Disney. (1) Represents Comcast's \"Content & Experiences\" segment financials excluding the impact of \"Theme Parks.\" (2) EBITDA burdened by stock-based compensation.",
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      "text": "Despite its Scale, Disney's Overall Media Margins Lag Peers",
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      "evidence": "The document highlights the board's complacency, lack of accountability, and poor oversight on strategy and culture.",
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