News Reedy Creek Improvement District and the Central Florida Tourism Oversight District

[mikejs78]

The Feud might have been the breaking point.

However, for a CEO who emphasizes the importance of creatives, forcing 2000 to move to FL was a bad look.

Perhaps more importantly, the company is looking to cut costs immediately. Sinking a billion into this did not make sense at this time.

All three played a factor. Which one was the most important depends on how you want to spin this.

I think this is right. All three probably factored in, and the feud was likely not the primary reason.

However the timing and the language of the announcement certainly were done with the feud in mind.

And regardless of the true purpose, the narrative and perception is now out there that it was because of the feud, which harms DeSantis.

 

[ParentsOf4]

I think this is right. All three probably factored in, and the feud was likely not the primary reason.

However the timing and the language of the announcement certainly were done with the feud in mind.

And regardless of the true purpose, the narrative and perception is now out there that it was because of the feud, which harms DeSantis.

Blaming DeSantis is the easiest narrative.

Disney and DeSantis are feuding. Disney cancels plans to move jobs to Florida. It’s a simple narrative that doesn’t require much background to write a story about.

It’s also the sexiest narrative.

This is Disney showing its expertise in working the media with their vague "changing business conditions" statement. This is the right play. They need to undercut DeSantis’ popularity. Suggesting DeSantis is to blame without explicitly stating it weakens DeSantis without being over-the-top. The media will fill in the blanks.

Disney continues to play this coolly while DeSantis plays this clumsily.

 

[LAKid53]

Blaming DeSantis is the easiest narrative.

Disney and DeSantis are feuding. Disney cancels plans to move jobs to Florida. It’s a simple narrative that doesn’t require much background to write a story about.

It’s also the sexiest narrative.

This is Disney showing its expertise in working the media with their vague "changing business conditions" statement. This is the right play. They need to undercut DeSantis’ popularity. Suggesting DeSantis is to blame without explicitly stating it weakens DeSantis without being over-the-top. The media will fill in the blanks.

Disney continues to play this coolly while DeSantis plays this clumsily.

According to members of Congress who served with him, DeSantis is not likely to play it more cooly, but double down even more. That certainly won't bode well for his expected announced run next week. Nor for Florida if he continues to punish those he perceives as "enemies" of his policies.

 

[MisterPenguin]

Blaming DeSantis is the easiest narrative.

Disney and DeSantis are feuding. Disney cancels plans to move jobs to Florida. It’s a simple narrative that doesn’t require much background to write a story about.

It’s also the sexiest narrative.

This is Disney showing its expertise in working the media with their vague "changing business conditions" statement. This is the right play. They need to undercut DeSantis’ popularity. Suggesting DeSantis is to blame without explicitly stating it weakens DeSantis without being over-the-top. The media will fill in the blanks.

Disney continues to play this coolly while DeSantis plays this clumsily.

Iger's choice:

1. Announce the reversal of the Lake Nona project on a late Friday afternoon to get the least amount of negative press.​

​

2. Wait until one is being attacked by a local government and announce the reversal of a project and let people draw their own conclusions.​

 

[Ghost93]

I think this is right. All three probably factored in, and the feud was likely not the primary reason.

However the timing and the language of the announcement certainly were done with the feud in mind.

And regardless of the true purpose, the narrative and perception is now out there that it was because of the feud, which harms DeSantis.

I think Iger never liked the relocation of the jobs to Florida and the feud was "the straw that broke the camel's back."

 

[Andrew C]

Republican mayor of Miami blasts DeSantis for allowing his "personal vendetta" to cost the state 2,000 jobs.

Regardless of whether or not this decision was made because of DeSantis, this isn't playing well for DeSantis.

Miami mayor says DeSantis ‘personal vendetta’ with Disney is costing state

Miami Mayor Francis Suarez (R) blasted Florida Gov. Ron DeSantis (R) for his “personal vendetta” with Disney, saying the yearlong feud has cost the state jobs and investments. “Lo…

thehill.com

This is no surprise. Even if we were to put the retaliation component aside, he simply picked the wrong battle. There are better ones...

 

[Andrew C]

The media will fill in the blanks.

Exactly.

 

[castlecake2.0]

They could have done this without a public announcement, but didn’t. It’s all very strategic. Jeff’s follow up announcement also very purposeful. Florida is “finding out”.

ETA I’m not saying that I’m not entirely convinced this was only because of the ongoing feud. I believe many factors were involved, but this was the final push they needed and the way they’re spinning it is

 

[GCTales]

Blaming DeSantis is the easiest narrative.

Disney and DeSantis are feuding. Disney cancels plans to move jobs to Florida. It’s a simple narrative that doesn’t require much background to write a story about.

It’s also the sexiest narrative.

This is Disney showing its expertise in working the media with their vague "changing business conditions" statement. This is the right play. They need to undercut DeSantis’ popularity. Suggesting DeSantis is to blame without explicitly stating it weakens DeSantis without being over-the-top. The media will fill in the blanks.

Disney continues to play this coolly while DeSantis plays this clumsily.

They already have. Today show had a 5 min segment on the lawsuit and a good 2 minutes were about Lake Nona cancellation... they drew a direct correlation to the legal fight and made thir opinion this was a direct result very clear.

CNN had a similar clip. I would be shocked it MSNBC didn`t have something - all indirectly suggesting DeSantis is to blame.

 

[pluto77]

Iger's choice:

1. Announce the reversal of the Lake Nona project on a late Friday afternoon to get the least amount of negative press.​

​

2. Wait until one is being attacked by a local government and announce the reversal of a project and let people draw their own conclusions.​

He also just asked literally a week ago “Does the state want us to invest more, employ more people and pay more taxes or not?" And now jobs are being cancelled in Florida and an investment is being lost. I know one doesn’t have to do with the other, but it’s the narrative that can be sold.

I 100% believe that Lake Nona was already going to be cancelled. Perhaps the feud was what pushed the decision over the edge, but now there’s a narrative for the press to sell and Disney (in the public eye) looks like they have even more of an upper hand over the state. Disney is not dumb. They’ve been well played this entire time, including by keeping mostly quiet for months while letting DeSantis dig himself deeper into a hole. I think DeSantis bit off more than he can chew with this one.

 

[mkt]

Today's new filings in CFTOD v Disney. Just 3 motions from Disney attorneys to appear Pro Hac Vice. No new filings in Disney v DeSantis.

 

[Touchdown]

3 more days…

 

[Cliff]

They already have. Today show had a 5 min segment on the lawsuit and a good 2 minutes were about Lake Nona cancellation... they drew a direct correlation to the legal fight and made thir opinion this was a direct result very clear.

CNN had a similar clip. I would be shocked it MSNBC didn`t have something - all indirectly suggesting DeSantis is to blame.

If the parental rights bill had never existed and DeSantis quit as governor two years ago. Does anybody STILL believe that Disney's Lake Nona buidout would be moving forward today? Anybody?

Heck no! Disney has huge economic problems right now is is undergoing massive cost cutting measurs today. Disney does not have the money to spend on this UNpopular facility. Staff in California have....for a long time....been very vocal about NOT wanting to move to Florida.

Lake Nona was a very UNpopular Bob Chapek era idea that again....nobody liked in Califormia. Even people in Lake Nona didnt want this. Bob Iger took this opertunity to kill an UNpopular and EXPENSIVE project...and blame it on DeSantis.

Nice one Bob.....sneaky but very clever!

 

[Chi84]

Today's new filings in CFTOD v Disney. Just 3 motions from Disney attorneys to appear Pro Hac Vice. No new filings in Disney v DeSantis.

Thanks for doing this! It's incredibly helpful.

 

[Brian]

I 100% believe that Lake Nona was already going to be cancelled. Perhaps the feud was what pushed the decision over the edge,

Iger implied in November 2022 that he was considering canceling it, so you're not too far off track.

 

[GoofGoof]

The Feud might have been the breaking point.

However, for a CEO who emphasizes the importance of creatives, forcing 2000 to move to FL was a bad look.

Perhaps more importantly, the company is looking to cut costs immediately. Sinking a billion into this did not make sense at this time.

All three played a factor. Which one was the most important depends on how you want to spin this.

I think this is all true. The cost cutting aspect really seems short sighted if that was the driver. I guess for next few years cash flow but the project was around $1B with $600M of tax credits so total cash out the door net of tax savings is $400M which is a drop in the bucket for DIS. On net income the $1B is mostly capitalized and except for the land gets depreciated over 30+ years so roughly $32M a year in depreciation expense. Again, a drop in the bucket.

I think the bigger issue is forcing 2,000 creatives to move to FL. That went over poorly upon announcing the move and the recent political fall out has made the situation much worse. It’s not necessarily the direct conflict over RCID.

 

[Cliff]

Iger implied in November 2022 that he was considering canceling it, so you're not too far off track.

Eggggzactly!

Lake Nona was VERY unpopular and too costly...LONG...before DeSantis was ever an issue for them.

Disney is neck deep in cost reduction actions today. Ending Lake Nona saved them big money that they need in OTHER areas of the company...but it also made many California staff say: "Thank God....whew!!!"

DeSantis did NOT cause Disney to cancel Lake Nona.

 

[mikejs78]

Heck no! Disney has huge economic problems right now is is undergoing massive cost cutting measurs today. Disney does not have the money

too costly

aved them big money

Eh, not really. Disney is actually in a fairly decent financial position with their latest round of cuts, this really wasn't needed, especially since it would have saved them a bunch over the long haul. The project would have paid for itself and wasn't that expensive given Disney's cash position, unless they want to use that money elsewhere.

UNpopular facility. Staff in California have....for a long time....been very vocal about NOT wanting to move to Florida.

This is actually more why I think this happened - not because of cost savings, but talent drain.

 

[LAKid53]

not to wade into this, but given the trajectory of things I’m not so sure I’d rely on those tax credits being delivered as promised

I'm sure that entered into Disney's calculation, especially after the governor sabotaged the agreement Disney was working on with the Legislature.

 

[GoofGoof]

not to wade into this, but given the trajectory of things I’m not so sure I’d rely on those tax credits being delivered as promised

That would have been harder to pull off than the RCID changes, but it could have been a factor too. Those jobs were never going to FL without the tax credits so if they doubted they were going to get them because of conflict with DeSantis that could have been a major factor too.