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Campaigns / Third Point → The Walt Disney Company
Third Point vs. The Walt Disney Company

The Walt Disney Company · DIS

2 decks published between 2020-10-07 and 2022-08-15 — 11 pages, 11 analysed slides total. Outcome: partial win.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2020-10-07 initial thesis

    2020 10 third point letter to disney october 2020 tpou

    6pp · letter

    Disney should kill its $3bn dividend and plow every dollar into Disney+ content; subscriber LTV math and Adobe/Microsoft precedents show the re-rating dwarfs any dividend yield.

    N 4 V 2 C 2
    ⌂
  2. 2022-08-15 follow up

    2022 08 third point letter to disney august 15 2022 tpou

    5pp · letter

    Disney's DTC pivot is working, but spinning ESPN, fully owning Hulu, cutting costs, and refreshing the board will unlock the next leg of value.