Disney CEO Bob Iger on Monday said any retaliatory actions by Florida Gov. Ron DeSantis and the Republican-controlled Florida Legislature against the company that threaten jobs or expansion at its Florida resort is not only “anti-business ... but anti-Florida.”
Answering a question during an online shareholders' meeting, Iger said that the Republican governor and lawmakers appeared to be retaliating against the company for exercising its constitutional rights. He referred to the incident last year when Disney criticized Florida's law dubbed by critics “Don't Say Gay” while Bob Chapek was helming the company at the time. The measure bars instruction on sexual orientation and gender identity in kindergarten through third grade, as well as lessons deemed not age-appropriate.
In response, Florida lawmakers passed, and DeSantis signed, legislation revamping the government-like board that oversees Walt Disney World's 27,000-acre (11,000-hectare) property outside Orlando. Among the changes the legislation made was that the Florida governor got to pick the five supervisors of the governing board instead of it being controlled by Disney, as it had been in its previous 55 years.
During the shareholders’ meeting, Iger declared the company’s love for the state of Florida, noting it was the largest taxpayer in the state and employed around 75,000 workers. The company has plans to make $17 billion in investments at Disney World over the next 10 years that will create an additional 13,000 jobs, he said.
Iger acknowledged that there may have been some missteps in how Disney initially responded to the Florida legislation — the company took its time in speaking out against it publicly, and only after Disney employees exerted internal pressure. But he said the company, which is based in Burbank, California, had a right to free speech, just as individuals do.
Some shareholders during the question-and-answer period of the meeting criticized the company for promoting a “woke” agenda, while a Disney employee thanked Iger for supporting the company's workers. Iger responded that Disney's primary goal is to entertain and is not driven by an agenda.
By taking on Disney, DeSantis attempted to further his reputation as a culture warrior willing to battle perceived political enemies and wield the power of state government to accomplish political goals, a strategy that is expected to continue ahead of his potential White House run.
But the DeSantis-appointed supervisors said last week at the second meeting of the revamped board that their predecessors had pulled a fast one on them by passing restrictive covenants that strip the new board of most of its powers.
Disney has said all agreements were above board and took place in public.
DeSantis on Monday asked Florida's chief inspector general, with help from the Florida Department of Law Enforcement, to launch an investigation into the actions of the previous board.
DeSantis said in a letter to chief inspector general that any legal or ethical violations should be referred to “the appropriate authorities.”
“Disney is again fighting to keep its special corporate benefits and dodge Florida law,” DeSantis spokesman Jeremy Redfern said in an email. “We are not going to let that happen. As Governor DeSantis recently said, ‘You ain’t seen nothing yet.’”
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
