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

...because Disney has smarter lawyers working for them who would CRUSH Florida, letting the genie out of the bottle that they'd never be able to put back in if Florida were stupid enough to continue with their nonsense.

Chapek is gone. It's not surprising that now the plan can be moderated to be less punitive toward Disney. Iger will know how to smooth things over.

DeSantis knows who has the biggest balls in Fla..................Mickey Mouse.

Don't fuck with Mickie.

*Mickey^

Because the politicians want Disney’s campaign donations

Surprisingly, Disney has a market cap of only $175 billion. It's a lot, but not nearly as high as one would suspect.

It had annual revenues of only $67b and $83b in 2021 and 2022, respectively, and $7.8b and $12b net income - it doesn't even crack the top 100 companies in terms of revenue.

Sure, it's one of the biggest companies in the world. But, compared to Apple, Amazon, or Walmart, Disney would be CRUSHED if it came to a head-to-head pissing match.

R7, how much of that is specifically in Florida? How does that compare to other Florida-based companies

[quote][R7], how much of that is specifically in Florida? How does that compare to other Florida-based companies

They don't cut their information in that manner. I supposed you could try to extrapolate theme park revenues and profits to get an estimate. If I'm not misreading it (they do multiple breakdowns so it's a bit more effort to reconcile the figures correctly), theme parks did about $7.9b in 2022 (fiscal year). There are 12 parks located in six resorts (nine resorts total): Disneyland Resort, Walt Disney World (Florida), Disneyland Paris, Tokyo Disney, Shanhai Disney,Hong Kong Disney.

Disney Parks, Experiences, and Products make $28.7b, so it's not clear to me how much of the difference would come from revenue generated at the theme park vs. what is included in the "Theme Parks" only breakdown.

^^^ The largest public company in Florida is TD Synnex ($60b), but their revenue is not exclusively in Florida. World Fuel Services is #2 at $31b, again who knows how much in Florida.

Publix Supermarket had about $41b revenue across 1300 stores in the Southeast about 836 of them in Florida, so 64% of the stores, so $26b revenue assuming average performance per store.

R9, it’s Florida politicians who specifically are dependent of Disney contributions and the FL economy dependent on Disney theme parks.

So it’s Disney’s specific footprint in Florida is what gives it so much power in Florida

It was all grandstanding. Florida could not unilaterally take away Disney’s independent status without acceptance from Disney itself.

Everything was bullshit to show DeSantis was a strong, decisive leader

And wouldn’t a huge part of the cost to run Disneyworld then be on Florida’s plate?

R13, sure but part of the reason FL gave Disney that independent status, is so Disney itself would pay for nearly all its expenses—roads, sanitation, utilities, etc.

Plus the amount of tourism Disney brings in would far outweigh FL’s costs

The amount that Florida bent over for Walt is truly astonishing. I don't know if this part of the agreement is still in force, but when Reedy Creek Improvement District was first established, Disney had the rights to build a nuclear power plant on their land if they wanted.

Florida was a backwater and needed anything it could get. Disney was God and it was thrilled to have him build Disney World

[quote]It’s Florida politicians who specifically are dependent of Disney contributions and the FL economy dependent on Disney theme parks...So it’s Disney’s specific footprint in Florida is what gives it so much power in Florida

Flawed reasoning, r11. The theme parks and specific operations are neither financially nor managerially independent of the entire Disney corporation. It does not make it's donation or investment in Florida decisions independently of the main corporation. Also, whatever operations exist in Florida can and do draw on the entire Disney corporation's financial and political strength and clout.

R17, not sure what your point is.

Obviously FL sees Disney as a major asset and FL politicians love its political contributions. Disney, in turn, seems happy with the arrangement it has in FL and this keeps spending money there.

Because it was illegal what Densantis did and will never hold up in court, add to that if they do it, a 1 billion dollar bond would transfer to the two counties Disney is in and raise property taxes by the thousands per year. It's why disney didn't really give a shit when they did it. They knew it was pointless.

[quote]Florida bent over for Walt

Pics please.

[quote][R17], not sure what your point is.

I was rebutting r11's point: "So it’s Disney’s specific footprint in Florida is what gives it so much power in Florida"

It is not Disney's specific footprint in Florida that gives it power. It's the entire might of the Disney global corporation that gives it so much power in Florida.

R21, sure. Whatever

Interestingly, Disney doesn’t have nearly as much power in California.

[quote]Interestingly, Disney doesn’t have nearly as much power in California.

I wonder if that's true or whether it simply has never had to flex it's muscle in California. I mean, there is a reason why so many of the most ridiculous things happen in Florida and the internet is replete with videos which lead others to exclaim "of course, it's Florida."

[quote][R7], how much of that is specifically in Florida? How does that compare to other Florida-based companies

Disney is based in California, not Florida.

[quote]I wonder if that's true or whether it simply has never had to flex it's muscle in California.

They have a stranglehold on the Anaheim government.

R23, Disney learned from its mistakes in California. When it built Disneyland, it did not foresee the importance of controlling not just the park but the area around it. Trashy businesses sprang up around the park, the local government had trouble with the incredible demands the park made on the local infrastructure. DisneyWorld was meant to solve all of that—the corporation would buy up as much land, and get as much control from the government, as possible, all with the idea of providing a more comprehensive, money-spinning, Disney-perfect experience.

I don’t think any other company got these kinds of concessions from Florida because no other company thought they needed it.

Yes—Reedy Creek has broader powers than other special districts, but the concept was not necessarily original. Florida has hundreds of special districts created by developers prior to actual build-out, and which allow the “master” landowner to plan streets, utilities, flood control, etc.—all paid for by special property taxes levied as the land is sold, built on…yada… In Colorado, they’re called Metro Districts. In California they’re called Community Facilities Districts (Mello-Roos).