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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 'broken flywheel' narrative to contrast rising costs with stagnant revenue.",
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      "text": "Spend on Produced and Licensed Content Since FY 2018 ($bn)",
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      "text": "Source: SEC filings. Note: (1) FY 2023 Consumer Products Revenue adjusted to include allocation from content licensing segment for comparability purposes post-Disney's recasting of segment financials.",
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      "text": "Disney's elevated content spend does not appear to be driving ancillary sales in other parts of the business.",
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      "text": "Broken Flywheel: Consumer Products Segment Is Flat",
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