Disney Shareholder Engagement Presentation Deck
Trian's TFCF transaction analysis is fundamentally flawed
PRECEDENT TRANSACTION SYNERGIZED LTM EBITDA MULTIPLES¹
●
●
Diversified media M&A deals > $25BN (December 2009 - June 2018)
Multiples incorporate publicly available synergy estimates
12.3x
11.6x
11
Comcast acquisition
of NBCU
(Dec 2009)
AT&T acquisition
of Time Warner
(Oct 2016)
12.4x
Announced
synergies
Disney acquisition
of TFCF²
(June 2018)
●
WHAT TRIAN IS MISSING
Synergies do matter in an M&A transaction ... and we over-delivered
Estimated $2.0BN of synergies at announcement
Synergized LTM EBITDA multiple we paid for TFCF is consistent with
precedent multiples at the time
TFCF has been operationally and financially integrated into Disney for
years already
Source: Public filings, FactSet consensus estimates and Wall Street equity research. ¹LTM stands for "last twelve months"; 2 Based on enterprise value of consolidated assets of $57 billion post-RSN divestiture and sale of Sky stake
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