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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": "We compared Disney's FY 2023 financial results to its FY 2018 results, the year prior to the Fox acquisition and launch of Disney+. Disney has invested $200bn (in M&A, CapEx, and content spend) since FY 2018 – nearly equivalent to its current market capitalization.",
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      "text": "Source: SEC filings. Note: (1) Per Disney's 2024 Definitive Proxy Statement...",
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      "text": "...But Disney's Financial Results Have Deteriorated",
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