Disney Chief Executive Officer Bob Iger has said that the company will “quiet the noise” in the ongoing culture wars, according to a report from Yahoo Finance.
What’s Happening:
- An analyst note reveals that Walt Disney Company CEO Bob Iger said the company will “quiet the noise” in a culture war that sees conservatives going against the media giant.
- Iger’s statement was included in an analyst report from Needham media analyst Laura Martin, that was part of an investors’ presentation on Tuesday at Walt Disney World, where the CEO also announced the company will double its investment in theme parks and cruise ships over the next decade, bringing the total to nearly $60 billion.
- Disney has been in a constant back and forth as part of this “culture war” that is playing out in Florida and at theatrical box offices. The company has faced social media backlash, yet also large amounts of praise, over the casting of Halle Bailey, a Black actress, in the lead role of Ariel in their live-action remake of The Little Mermaid.
- Outside of the United States, Pixar Animation Studios’ Lightyear was blocked from theatrical release in several countries since it features a brief moment where a same-sex couple shares a kiss.
- In Florida, the company faced backlash from Gov. Ron DeSantis after they criticized legislation restricting classroom discussion of sexual orientation and gender identity, commonly referred to as the “Don’t Say Gay” bill. The Governor launched into a campaign against “woke Disney” and began to strip Walt Disney World of their governing authority, the Reedy Creek Improvement District, and installing the Central Florida Tourism Oversight District, which was handpicked by DeSantis.
- Florida and Disney are currently locked in a legal battle over the formation of the Central Florida Oversight District board, which assumed oversight of development of property in and around Disney’s Florida theme parks. The battle also includes a federal lawsuit filed by Disney against the Governor.
- As such, It is unclear how much of the $60 billion in new investment in parks will be spent in Florida, Iger previously said the company planned to spend $17 billion in investment at Walt Disney World over the next 10 years, but did challenge the Governor during an earnings call, implying that investment could be made elsewhere.
- During Disney’s annual shareholder meeting in April, Iger responded to a comment saying that “Disney had evolved from a place of magic for children” to an “ideological company serving the LGBTQ” community that promoted a "woke agenda." At the time, Iger said “Our primary mission needs to be to entertain … and to have a positive impact on the world. I’m very serious about that. It should not be agenda-driven."
- Iger also told the investor group on Tuesday that Marvel Entertainment would reduce the pace of its releases, after having made too many films and television series, according to Needham’s report. He also reportedly said that Pixar’s young directors will work with existing characters and stories, rather than developing original stories like Elemental, which initially struggled at the box office, but eventually grossing $486.7 million and becoming the most watched streaming premiere of 2023 on Disney+.