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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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      "text": "Disney's 10-Year Relative TSR: -401% vs. Proxy Peers, -168% vs. S&P 500",
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      "text": "Strategy Oversight, M&A and Capital Allocation, Culture, Succession, Compensation Alignment, Shareholder Engagement.",
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      "text": "Over last 5 years, segment operating income, EPS and FCF have declined by 18%, 47%, and 50%, respectively. Disney's overall media margins lag key peers by ~900bps. Poor ROIC: spent $200bn of capital since FY18.",
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      "kind": "list",
      "text": "1. Enhance Corporate Governance & Accountability. 2. Accelerate Media Profitability. 3. Review of Creative Engine. 4. Clarify Strategic Focus.",
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      "kind": "paragraph",
      "text": "Trian's Nominees Can Help RESTORE THE MAGIC",
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      "text": "Chronic Underperformance",
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      "text": "Root Cause of Underperformance: Disney's Board",
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      "kind": "source-note",
      "text": "Source: SEC filings, FactSet. Note: (1) Disney “Media” business represents its “Entertainment” and “Sports” segments...",
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      "text": "Why Are We Seeking Board Representation at Disney?",
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