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Florida mulls U-turn on move to strip Disney theme-parks of self-governing status - FT

Stock Markets Dec 02, 2022 12:06PM ET
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© Reuters. FILE PHOTO: People gather ahead of the "Festival of Fantasy" parade at the Walt Disney World Magic Kingdom theme park in Orlando, Florida, U.S. July 30, 2022. REUTERS/Octavio Jones/File Photo
 
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(Reuters) - Florida lawmakers are mulling plans to reverse a move that would strip Walt Disney (NYSE:DIS) Co of its right to operate a private government around its famous theme-parks, the Financial Times reported on Friday, citing people briefed on the plan.

In April, lawmakers had given their final approval to a bill ending Walt Disney's designation as a self-governing entity, in an apparent response to its opposition to a state law limiting the teaching of LGBTQ issues in schools.

The new law would also mean that Disney would have to pay more taxes, state governor Ron DeSantis had said in April when he signed the bill.

The state lawmakers are working on a compromise that would allow Disney to keep the arrangement largely in place with a few modifications, the FT report said.

A spokesperson at DeSantis' office said that the governor "does not make U-turns," but added that a plan was in the works and would soon be released.

"We will have an even playing field for businesses in Florida, and the state certainly owes no special favors to one company. Disney's debts will not fall on taxpayers of Florida."

The FT report added that the return of Bob Iger as CEO last month could help pave the way for a resolution on the law.

The bill signed in spring this year by DeSantis eliminates special governing jurisdiction that allowed the company to operate Walt Disney World Resort as its own city.

Disney had condemned Florida's LGBTQ legislation dubbed as "don't say gay" bill by critics, which bans classroom instruction on sexual orientation or gender identity for children in kindergarten through third grade.

Disney did not respond to a request for comment.

Florida mulls U-turn on move to strip Disney theme-parks of self-governing status - FT
 

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Comments (1)
Llewellyn Kruger
Llewellyn Kruger Dec 02, 2022 2:29AM ET
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Where are the reasons for the u-turn?
Ryan Whitehead
Ryan Whitehead Dec 02, 2022 2:29AM ET
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Bob Iger, obviously.
Clayton Erickson
Clayton Erickson Dec 02, 2022 2:29AM ET
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"the return of Bob Iger as CEO last week could help pave the way for a resolution on the law, the FT report said."
John Hill
John Hill Dec 02, 2022 2:29AM ET
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probably just the couple of Dems left in the Florida legislature shooting off their mouth trying to damage DeSantis.
Tre Hsi
Tre Hsi Dec 02, 2022 2:29AM ET
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probably they knew the initial order won't stand up to legal challenges by Disney......
Anthony Hernandez
Anthony Hernandez Dec 02, 2022 2:29AM ET
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Bob Iger.
 
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