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  "docSlug": "36531221f1c67575f86f87d8dbd73e65",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-03-01 00:00:00",
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  "pageNumber": 53,
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  "density": "dense",
  "nDataPoints": 23,
  "notes": "Uses a CEO quote to establish the 'before' state of awareness, contrasted against a stacked bar chart showing the 'after' state of market decline.",
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  "slideHref": "/slides/019de077-1511-74ad-8779-d4a5bd51f53e/53",
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      "kind": "callout",
      "text": "Disney Warned its Investors About the Impact of “Cord-Cutting” as Early as August 2015",
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      "kind": "chart",
      "text": "US Pay TV Video Subscribers (mm)",
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      "text": "Disney has been warning investors of the threats that Netflix and DTC distribution posed to the Linear TV business for nearly a decade. It did little until 2019, when it launched Disney+ and spent billions of dollars building a business that still lacks a clear path to an acceptable return. A Board’s job is to look over the horizon instead of reacting after the fact.",
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      "kind": "quote",
      "text": "We're realists about the business and about the impact technology has had on how product is distributed, marketed, and consumed... All of this has and will continue to put pressure on the multi-channel ecosystem...",
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      "kind": "source-note",
      "text": "Source: MoffettNathanson. Note: U.S. Pay TV Subscriber data, including vMVPD (virtual Multichannel Video Programming Distributors).",
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      "kind": "title",
      "text": "Disney Saw Disruption Coming But Failed to Adapt Quickly",
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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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