Trian Partners Activist Presentation Deck
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Fox Acquisition Has Not Delivered Promised Financial Benefits
• Disney's 2022 operating profit, excluding Parks, Experiences and Products ("ex-DPEP") of $3.1bn
is 74% below the pro forma operating profit of $11.8bn at the time of the acquisition in 2018
• Even excluding streaming losses, Disney's ex-DPEP operating profit appears to be $6bn lower
today than the pro forma operating profit at the time of the acquisition
. This begs the question, is there a large Fox write-down on the horizon?
Disney ex-DPEP EBIT (1)
$13.3
$1.501
$bn
$9.4(2)
Disney
ex-DPEP
EBIT FY18
$1.9
Fox
EBIT FY18
$2.0
Synergies
$11.8
Pro forma
ex-DPEP
EBIT
Hulu
I Consolidation
(74%)
How does
Disney explain
-$6bn of
missing EBIT?
$7.1
$4.0
$3.1
Disney
ex-DPEP
EBIT FY22
Streaming
Losses
Source SEC fings
Note (1) includes Corporate (2) Excludes $580mm equity in the loss of investees from Hulu (3) Consolidated Hulu esmings based on the Unaudited Pro Forma Condensed Combined Datements of income of
The Walt Disney Company found in Disney's Farm 8-K Sied on 08/29/19
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