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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 timeline-like progression of goals to show shifting targets, followed by two sections of critique.",
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      "kind": "list",
      "text": "Disney’s Path to Sustained Subscriber Growth is Unclear: Price increases causing churn; wholesale deal reliance; one-time benefit from password crackdown; no annual growth target.",
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      "text": "Path to “Double-Digit” Margin Target is Still Unclear: DTC loses money; no timeline; wide range of 10-20% is ill-defined.",
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      "kind": "paragraph",
      "text": "After Trian publicly noted Disney had amorphous streaming goals, the Company updated its goals on its recent earnings call to “subscriber growth” and “double digit margins,” but provided scant details on the path forward on either initiative.",
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      "text": "We finally received a little peek into the future of Disney’s streaming plan... that target should have been obvious, however, the timing and path forward still remain pretty ambiguous.",
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      "text": "01 | Original Goal: Disney+ will hit profitability by the end of fiscal 2024. 02 | Revised Goal: achieving significant and sustained profitability. 03 | Latest Goal: objective is to get to double-digit margins.",
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      "text": "Disney’s Path Forward on Streaming Remains Ambiguous",
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