Corporate 1A rights were established by
Belotti. In
Austin and
McConnell v. FEC, the Supreme Court allowed some corporate restrictions specific to campaign finance.
Citizens United struck down even these limited restrictions.
Citizens United is specific to campaign finance.
Belotti established that corporate speech rights go beyond the "materially affecting" standard.
As noted in the liberal justices' dissent of
Citizens United:
Postratification practice bolsters the conclusion that the First Amendment, “as originally understood,” … did not give corporations political speech rights on a par with the rights of individuals. Well into the modern era of general incorporation statutes, “[t]he common law was generally interpreted as prohibiting corporate political participation,” First Nat. Bank of Boston v. Bellotti, 435 U. S. 765, 819 (1978) (White, J., dissenting), and this Court did not recognize any First Amendment protections for corporations until the middle part of the 20th century.
Prior to
Belotti, the materially affecting standard generally applied to corporations, where corporate speech rights were limited to matters that “materially affect[ed] any of the property, business or assets of the corporation.”
Disney's free speech rights regarding Florida's "Don't Say Gay" law don't originate with
Citizens United. They originate with
Belotti.
Belotti and
Citizens United both are 5-4 decisions and both remain controversial. Disney is in a much stronger legal position by making this a contract dispute.