According to an ex-Disney exec, the House of Mouse may very well realize that they’ve angered both ends of the political spectrum with its handling of the parental rights in education bill (incorrectly referred to as the ‘Don’t Say Gay’ bill).
The tanking stock price and underperforming movies could have told you that.
“In a short period of time they managed to piss off both the left and the right,” a former senior Disney executive told Financial Times.
From The New York Post…
[Disney’s new head of corporate affairs, Geoff] Morrell believed that Disney should avoid taking stands on hot-button cultural issues. Instead, he hoped to use Disney’s lobbying influence to persuade state lawmakers to water down the legislation — if not spike it altogether, FT is reporting.
Now Disney executives regret not signing the letter — since it would likely have saved the company a lot of trouble, according to FT.
After the backlash, Disney reversed itself and came out in opposition to the measure. The company released a statement vowing to help defeat the legislation in court.
Disney’s attempt to placate its critics enraged the Republican leadership in Florida.
Gov. Ron DeSantis, who signed the “Don’t Say Gay” bill into law, also moved to strip Disney of its autonomous status over its theme parks in and around Orlando.
What an absolute mess. Disney’s stock price is down almost 40% over the past 6 months, and has dropped below $100 for the first time since March 2020 —and that’s when it dropped to $85.98 immediately after Disney Parks closed due to the COVID-19 pandemic.
— New York Post (@nypost) June 21, 2022