Gov. Ron DeSantis of Florida has signed a bill into law that strips Walt Disney World of its self-governing status and requires DeSantis to appoint a five-member board to oversee the government services provided in the theme park properties. The bill is seen as a way for DeSantis to gain political leverage and to punish Disney for its opposition to his “Don’t Say Gay” law, as well as to gain favor among conservative voters as he prepares for a potential presidential run.
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Florida Gov. Ron DeSantis has signed a law that gives him control over Walt Disney Co., in response to the company's criticism of his "Don't Say Gay" law. The law cancels the dissolution of a special taxing district for Disney's 25,000 acres south of Orlando, allowing DeSantis to replace the existing board with one of his own choosing. The law is expected to have a major impact on Central Florida, with Disney being a major employer and economic driver in the area.
The Walt Disney Co. announced Wednesday that it will be laying off 7,000 employees and cutting costs by $5.5 billion in the coming months as part of an effort to increase the profitability of its streaming business and focus more on core brands and franchises. Activist shareholder Nelson Peltz's demands for changes at Disney appear to have been satisfied by the announcement, and the reorganization is expected to be completed by the end of the fiscal year. No details have been released yet on which departments will be affected by the layoffs.