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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 uses a stacked bar chart to visualize the compounding nature of the losses, juxtaposed with a quote from the CFO to highlight a perceived contradiction.",
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      "kind": "chart",
      "text": "Disney's Cumulative Direct-to-Consumer Segment Losses",
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      "text": "Disney has lost over $14 billion dollars in streaming to date.",
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      "kind": "quote",
      "text": "…the goal has always been to build what I would characterize as a good business… In terms of how we get there, it’s really in many ways the way that we’ve gotten from where we were, to the point we’re at right now… that’s probably the way we’re going to operate the business.",
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      "kind": "source-note",
      "text": "Source: SEC filings, Company transcripts. Note: Direct-to-Consumer segment losses include ESPN+ based on Disney's reporting prior to its FQ4'23 segment reporting changes.",
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      "kind": "source-note",
      "text": "This excludes the $57 billion of net capital spent on acquiring Fox in pursuit of streaming scale as well as the over $9 billion required to take full control of Hulu",
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      "kind": "title",
      "text": "Streaming Losses Weigh on Media Profitability",
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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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