Q3 Earnings Alert! Plan early for this week’s stock reports with all key data in 1 placeSee list

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

Published 12/02/2022, 12:28 AM
Updated 12/02/2022, 12:06 PM
© 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
DIS
-

(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.

© Reuters. FILE PHOTO: People gather ahead of the

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.