Walt Disney Company

Subterms

    More stories

    • 138 Shares169 Views

      in US Politics

      Disney v DeSantis dispute hinges on clause referencing King Charles III

      by

      A dispute between the Florida governor, Ron DeSantis, and Disney over control of the company’s Florida theme park district hinges on a clause referencing King Charles III and his descendants.The row began after DeSantis in March 2022 passed a “don’t say gay” law banning classroom teaching on sexual orientation and gender identity. The law was highly controversial, with LGBTQ+ activists saying it was discriminatory. Joe Biden denounced it as “hateful”.Under former chief executive Bob Chapek, Disney was initially hesitant to state public opposition to the bill, but did so after pressure. That prompted DeSantis and Florida Republicans to try to revoke privileges Disney has had for decades at its theme park, which employs 75,000 people.However, a new governing board appointed by DeSantis on Wednesday reportedly said it will need to overturn last-minute agreements which would prevent it from taking control.The document states that its provisions will stand until “21 years after the death of the last survivor of the descendants of King Charles III, king of England living as of the date of this declaration”.“Royal clauses” of this kind are used to avoid rules in some places against contracts which last in perpetuity. The British royal family was chosen for the clauses because information about the family tree was readily available, but also because of the “better healthcare available to, and longer life expectancy of, a royal family member compared to a non-royal”, according to the law firm Birketts.In February, the Florida state house passed a bill to end the unusual status that allowed Disney World to govern itself. Under the status, Disney World had its own police and fire departments, planning powers and some other public functions.The bill gave DeSantis the power to appoint the five members of the board that controls government services for the Reedy Creek district.“We’re going to have to deal with it and correct it,” board member Brian Aungst said of the last-minute agreements on Wednesday, according to the Associated Press. “It’s a subversion of the will of the voters and the legislature and the governor. It completely circumvents the authority of this board to govern.”skip past newsletter promotionafter newsletter promotionIn a statement, Disney said: “All agreements signed between Disney and the District were appropriate, and were discussed and approved in open, noticed public forums in compliance with Florida’s ‘Government in the Sunshine’ law.”Buckingham Palace declined to comment. More

    • 100 Shares149 Views

      in Elections

      Ron DeSantis Has a Secret Theory of Trump

      by

      Ron DeSantis has an enemies list, and you can probably guess who’s on it.There’s the “woke dumpster fire” of the Democratic Party and the “swamp Republicans” who neglect their own voters. There’s the news media, with modifiers like “legacy” or “corporate” adding a nefarious touch. There’s Big Tech, that “censorship arm of the political left,” and the powerful corporations that cave to the “leftist-rage mob.” There are universities like Harvard and Yale, which DeSantis attended but did not inhale. There’s the administrative state and its pandemic-era spinoff, the “biomedical security state.” These are the villains of DeSantis’s recently published book, “The Courage to Be Free: Florida’s Blueprint for America’s Revival,” and its author feels free to assail them with a fusillade of generically irate prose.There is one more antagonist — not an enemy, perhaps, but certainly a rival — whom DeSantis does not attack directly in his book, even as he looms over much of it. The far-too-early national polls for the 2024 Republican presidential nomination show a two-person contest with Donald Trump and DeSantis (who has yet to announce his potential candidacy) in the lead, and the Haleys, Pences and Pompeos of the world fighting for scraps. During his 2018 governor’s race, DeSantis aired an obsequious ad in which he built a cardboard border wall and read Trump’s “Art of the Deal” with his children, one of whom wore a MAGA onesie. Now DeSantis no longer bows before Trump. Instead, he dances around the former president; he is respectful but no longer deferential, critical but mainly by implication.Yes, there is a DeSantis case against Trump scattered throughout these pages. You just need to squint through a magnifying glass to find it.In the 250-plus pages of “The Courage to Be Free,” for instance, there is not a single mention of the events of Jan. 6, 2021. DeSantis cites Madison, Hamilton and the nation’s founding principles, but he does not pause to consider a frontal assault on America’s democratic institutions encouraged by a sitting president. The governor does not go so far as to defend Trump’s lies about the 2020 election; he just ignores them.However, DeSantis does write that an energetic executive should lead “within the confines of a constitutional system,” and he criticizes unnamed elected officials for whom “perpetuating themselves in office supersedes fulfilling any policy mission.” Might DeSantis ever direct such criticisms at a certain former president so willing to subvert the Constitution to remain in power? Perhaps. For the moment, though, such indignation exists at a safe distance from any discussion of Trump himself.When DeSantis explains how he chose top officials for his administration in Florida, he offers an unstated yet unsubtle contrast to Trump’s leadership. “I placed loyalty to the cause over loyalty to me,” DeSantis writes. “I had no desire to be flattered — I just wanted people who worked hard and believed in what we were trying to accomplish.” Demands for personal fealty have assumed canonical status in Trump presidential lore (who can forget his “I need loyalty” dinner with the soon-to-be-fired F.B.I. director James Comey?), and it is hard to recall another recent leader whose susceptibility to flattery so easily overpowered any possibility of political or ideological coherence.Where he describes his personal dealings with the former president, DeSantis jabs at Trump even as he praises him. In a meeting with Trump after Hurricane Michael struck Florida in late 2018, DeSantis asked for increased federal aid, particularly for northwestern Florida, telling the president that the region was “Trump country.” In the governor’s account, Trump responded with Pavlovian enthusiasm: “I must have won 90 percent of the vote out there. Huge crowds. What do they need?” DeSantis recalls how, after the president agreed to reimburse a large portion of the state’s cleanup expenses, Mick Mulvaney, then the acting White House chief of staff, pulled the governor aside and urged him to wait before announcing the help, explaining that Trump “doesn’t even know what he agreed to in terms of a price tag.”Even as DeSantis appears to thank Trump for assistance to Florida, he is showcasing an easily manipulated president who does not grasp the basics of governing.DeSantis boasts of how Florida stood apart from other states’ lockdown policies and how Tallahassee dissented from the federal response. Though he criticizes Trump-era federal guidelines, particularly early in the crisis, he rarely blames the president directly. “By the time President Trump had to decide whether the shutdown guidance should be extended beyond the original 15 days, there were reasons to question the main model used by the task force to justify a shutdown,” DeSantis writes, in his most pointed — yet still quite polite — disapproval.Rather than question the former president’s actions on Covid, DeSantis goes after Anthony Fauci, “one of the most destructive bureaucrats in American history,” an official whose “intellectual bankruptcy and brazen partisanship” turned major U.S. cities into hollowed-out “Faucivilles.” Fauci is the supervillain of DeSantis’s book, the destroyer of jobs and freedoms, the architect of a “Faucian dystopia.” Trump, it seems, was not in charge during the early months of Covid, but Fauci wielded unstoppable and unaccountable power — until a courageous governor had finally had enough. “As the iron curtain of Faucism descended upon our continent,” DeSantis writes, “the State of Florida stood resolutely in the way.”In “The Courage to Be Free,” DeSantis displays only enough courage to reprimand Trump by proxy.In fact, DeSantis’s broadest attack against Trump is also his most oblique. In the governor’s various references to Trump, the former president emerges less as a political force in his own right than a symptom of pre-existing trends that Trump was lucky enough to harness. Trump’s nomination in 2016 flowed mainly from the failure of Republican elites to “effectively represent the values” of Republican voters, the governor writes. DeSantis even takes some credit for Trump’s ascent: The House Freedom Caucus, of which DeSantis was a member, “identified the shortcomings of the modern Republican establishment in a way that paved the way for an outsider presidential candidate who threatened the survival of the stale D.C. Republican Party orthodoxy.”Trump has argued, not without reason, that he enabled DeSantis’s election as governor with his endorsement in late 2017 — and now DeSantis is suggesting he helped clear the path for Trumpism. The governor even notes the “star power” that Trump brought to American politics, the kind of thing critics used to say when dismissing Barack Obama as a celebrity candidate.If Trump’s success was not unique to him, but flowed from larger cultural or economic forces that rendered him viable, presumably someone else could channel those same forces, perhaps more efficiently, if only Republican voters had the courage to be free of Trump. And who might that alternative be?DeSantis pitches himself as not only a culture warrior, but a competent culture warrior. The culture warrior who stood up for parents and stood against Disney (yes, the Magic Kingdom rates its own chapter here). The culture warrior with the real heartland vibe (DeSantis’s family’s roots in Ohio and Pennsylvania come up a lot). The culture warrior who is “God-fearing, hard-working and America-loving” in the face of enemies who are oppressive, unbelieving, unpatriotic. The culture warrior who takes “bold stands,” displays “courage under fire,” is willing to “lead with conviction,” “speak the truth” and “stand for what is right.”The Free State of Florida, as DeSantis likes to call it, is not just the national blueprint of his book’s subtitle. It is “a beachhead of sanity,” a “citadel of freedom in a world gone mad,” even “America’s West Berlin.” (I guess the rest of us still live behind the Iron Curtain of Faucism.) No wonder Trump, who now says he regrets endorsing DeSantis for governor, has begun denigrating his rival’s achievements in the state where they both live.The governor’s prose can be flat and clichéd: Throughout the book, cautions are thrown to winds, less-traveled roads are taken, hammers are dropped, new sheriffs show up in town, dust eventually settles and chips fall wherever they may. (When members of Congress attempt to “climb the ladder” of seniority, he writes, they “get neutered” by the time they reach the top. That is one painful metaphor — and ladder.) And DeSantis’s red meat tastes a bit over overcooked. “Clearly, our administration was substantively consequential,” DeSantis affirms in his epilogue. Still, DeSantis’s broad-based 2022 re-election victory suggests there the competent culture warrior may have an appeal that extends beyond the hard-core MAGA base, even if Make America Substantively Consequential Again doesn’t quite fit on a hat.At times, DeSantis’s culture-war armor slips, as with his awkward ambivalence about his Ivy League education. He experienced such “massive culture shock” when arriving at the “hyper-leftist” Yale, he writes, that after graduating he decided to go on to … Harvard Law School? “From a political perspective, Harvard was just as left-wing as Yale,” DeSantis complains. Yes, we know. DeSantis informs his readers that he graduated from law school with honors, even if “my heart was not into what I was being taught in class,” and he mentions (twice) that he could have made big bucks in the private sector with a Harvard Law degree but instead chose to serve in the Navy. “I am one of the very few people who went through both Yale and Harvard Law School and came out more conservative than when I went in,” he assured voters during his 2012 congressional campaign.DeSantis wants both the elite validation of his Ivy League credentials and the populist cred for trash-talking the schools. Pick one, governor. Even Trump just straight-up brags about Wharton.Of course, whether DeSantis’s culture-war instincts are authentic or shtick matters less than the fact that he is waging those wars; the institutions, individuals and ideologies he targets are real regardless of his motives. But the blueprint of his subtitle implies a more systematic worldview than is present in this book. DeSantis’s professed reliance on “common sense” and “core” national values is another way of saying he draws on his own impulses and interpretations. It’s a very Trumpian approach.When DeSantis highlights his state’s renewed emphasis on civics education and a high-school civics exam modeled on the U.S. naturalization test — an idea that this naturalized citizen finds intriguing — it is a particularistic vision informed by the governor’s own political preferences. When DeSantis goes after Disney’s governance or tax status over its opposition to a Florida law over what can and cannot be taught in elementary schools, he is not making a statement of principle about business and politics; he just opposes the stance Disney has taken. When he brings up Russia more than two dozen times in his book, it never concerns Vladimir Putin’s challenges to America or war against Ukraine; it is always about DeSantis’s disdain for the “Trump-Russia collusion conspiracy theory.” (DeSantis’s subsequent dismissal of the war as a mere “territorial dispute” is therefore little surprise.) When he accuses the news media of pushing “partisan narratives,” he is not striking a blow for objective, independent coverage; he just prefers narratives that fit his own.DeSantis asserts that he has a “positive vision,” beyond just defeating his enemies on the left. But in “The Courage to Be Free,” defeating his enemies is the only thing the governor seems positive about. That may be enough to compete for the Republican nomination, but it’s not a blueprint for America. It’s not a substantive vision, even if it may prove a consequential one.The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. More

    • 163 Shares199 Views

      in US Politics

      Ron DeSantis takes control of Disney’s governing district after ‘don’t say gay’ row

      by

      Ron DeSantis takes control of Disney’s governing district after ‘don’t say gay’ rowMove comes after Florida governor lashed out at theme park’s protest of law restricting sexual orientation discussion in schoolsRon DeSantis, the governor of Florida, signed a bill on Monday that gives him control of Walt Disney World’s self-governing district, punishing the company over its opposition to a state law that restricts sexual orientation and gender identity discussions in schools.“The corporate kingdom finally comes to an end,” DeSantis said during a press event at Lake Buena Vista near Orlando. “There’s a new sheriff in town, and accountability will be the order of the day.”The Courage to be Free review: Ron DeSantis bows and scrapes to TrumpRead moreThe bill authorizes DeSantis, a Republican, to appoint a five-member board to oversee the government services that the Disney district provides in its sprawling theme park properties in Florida. The quasi-government entity also has the authority to raise revenue to pay outstanding debt and cover the cost of services.“We have a situation here that was basically indefensible from a policy perspective,” DeSantis said. “How do you give one theme park its own government and then treat all the other theme parks differently? We believe that that was not good policy.”Disney did not immediately comment on Monday.State Republicans last year targeted Disney after it publicly clashed with DeSantis, who is widely considered to be running for president in 2024, over a law that restricts classroom instruction of gender and sexual orientation, known by its opponents as the “don’t say gay” measure.In March, Disney’s then chief executive officer, Bob Chapek, publicly voiced disappointment with the bill limiting LGBTQ+ discussion in schools, saying he called DeSantis to express concern about the legislation becoming law.Political observers viewed the bill as retaliation for Disney’s views. DeSantis moved quickly to penalize the company, directing lawmakers in the GOP-dominated legislature to dissolve Disney’s self-governing district during a special legislative session, beginning a closely watched restructuring process. DeSantis and other Republican critics of Disney slammed the company for coming out against the education law, calling it a purveyor of “woke” ideology that injects inappropriate subjects into children’s entertainment.Speakers at the bill-signing ceremony included a parent who criticized Disney for speaking out against the state’s education bill, saying the company “chose the wrong side of the moral argument”. Another person who identified himself as a longtime Disney theme park employee took issue with the company’s policies regarding vaccinations.Disney World is the largest employer in central Florida with close to 75,000 employees, and the theme park drew 36.2 million visitors in 2021, according to the Themed Entertainment Association.The creation of the Reedy Creek Improvement District, as the 55-year-old Disney government is known, and the control it gave Disney over 27,000 acres (11,000 hectares) in Florida, was a crucial element in the company’s plans to build near Orlando in the 1960s. Company officials said they needed autonomy to plan a futuristic city along with the theme park. The city never materialised, however; instead, it morphed into the Epcot theme park.The Disney government allows the company to provide services such as zoning, fire protection, utilities and infrastructure.In taking on Disney, DeSantis furthered his reputation as a culture warrior willing to battle perceived political enemies and wield the power of state government to accomplish political goals, a strategy that is expected to continue ahead of his potential White House run.The feud also reinforced the governor’s brash leadership style, and the coming months will be critical to DeSantis as he builds his profile out beyond Florida. He is expected to utilize the coming regular legislative session, which begins next week, to bolster his conservative agenda before he announces his candidacy for president.At his news conference, DeSantis said he would appoint Tampa attorney Martin Garcia as the chairman of the district’s new governing board, along with new board members Bridget Ziegler, a conservative school board member and wife of the Florida Republican party chairman, Christian Ziegler; Brian Aungst Jr, an attorney and son of a former two-term Republican mayor of Clearwater; Mike Sasso, an attorney; and Ron Peri, head of the Gathering USA ministry.TopicsRon DeSantisWalt Disney CompanyFloridaUS politicsRepublicansnewsReuse this content More

    • 163 Shares199 Views

      in US Politics

      DeSantis wins new power over Disney World in ‘don’t say gay’ culture war

      by

      DeSantis wins new power over Disney World in ‘don’t say gay’ culture warFlorida legislature gives governor right to name members of board supervising theme park, claiming: ‘There’s a new sheriff in town’ Florida’s far-right governor, Ron DeSantis, has won the right to appoint the members of the board that supervises the development of the state’s famous Walt Disney World theme parks after a fight over a law that restricts sexual orientation and gender identity discussions in schools.Disney as a result is set to lose some of the autonomy it has enjoyed in Florida during the last nearly six decades, but the company has held on to some of its key privileges amid the culture war leveled at it by DeSantis.DeSantis ramps up ‘war on woke’ with new attacks on Florida higher educationRead moreNonetheless, with his usual bluster, DeSantis declared victory over the conglomerate whose mascot is Mickey Mouse, saying: “There’s a new sheriff in town.”DeSantis directed his ire at Disney after the media titan decided to suspend political donations in Florida after the state’s legislature last year passed a “don’t say gay” law that limited mention of LGBTQ+ issues in schools.Florida’s Orlando area is home to the 25,000-acre Disney World theme park complex, which first opened in 1971 and reportedly attracted nearly 13 million visitors last year. And to retaliate, DeSantis sought to strip Disney of a special tax district designation that let the company govern them autonomously, including by issuing tax-exempt bonds and advancing building plans without oversight from certain local authorities.The governor’s move against Disney had the full support of the state legislature, which is controlled by his fellow Republicans and voted to strip the company of its tax district status beginning on 1 June 2023. But then the steep cost of following through on DeSantis’s wishes for Disney became apparent.Letting the district dissolve would require taxpayers in Orange and Osceola counties – which are adjacent to the theme parks – to begin paying for the firefighting, police and road maintenance services that Disney had been paying. And the counties’ taxpayers would also have to cover the Disney tax district’s debt of $1bn or so.So this week, Florida’s legislators adjusted course. They drafted a measure that would empower the state’s governor to appoint the five members of the tax district’s controlling board. It also would leave Disney vulnerable to possibly being forced to pay taxes to fund road projects outside the theme park complex’s vicinity, and new construction costs might increase because the measure eliminated some of the company’s exemption from certain regulatory processes, the New York Times reported.Nonetheless, the new measure would permit Disney – one of Florida’s largest private employers – to retain its special tax district status. And the board would remain powerless as far as influencing what content the company chooses to present to guests at its theme parks as well as viewers of its movies and shows.Florida’s house of representatives approved the legislation on Thursday, and the state senate did the same on Friday.DeSantis said the legislation definitively buried previously aired concerns that Floridians would end up paying more in taxes because of his differences with Disney.“This puts that to bed,” DeSantis said, while also boasting that he was now the new sheriff in town.The president of Disney World, Jeff Vahle, issued a notably apolitical statement to the Times that described the complex as “focused on the future and … ready to work within this new framework”.Separately last week, DeSantis announced plans to block state colleges from having programs on diversity, equity and inclusion, as well as on critical race theory – the study of how racism has shaped American history. That plan comes on the heels of his blocking public high schools from teaching a new advanced placement course on African American studies.DeSantis, who has long advocated to keep firearms as accessible to the public as possible, caught some political fire on Friday after the Washington Post reported that he had asked for guns to be banned from a party celebrating his re-election to a second term last year.DeSantis’s campaign staff also asked the Tampa city officials in control of the convention center hosting the party to take responsibility for the gun ban so as not to upset his supporters, the Post’s report added, citing emails obtained by the newspaper.One county-level Republican leader told the Post that such a ban was “a little hypocritical” given how DeSantis has presented himself as a pro-gun rights advocate. A spokesperson for DeSantis told the Post that its reporting was “speculation and hearsay” and that the governor was “strongly in support of individuals’ constitutional right to bear arms”.Many expect DeSantis to pursue the Republican nomination for the 2024 presidential election. As of Saturday, the former president Donald Trump was the only Republican candidate to have declared an intention to challenge Democratic incumbent Joe Biden.TopicsRon DeSantisWalt Disney CompanyUS politicsFloridanewsReuse this content More

    • 138 Shares99 Views

      in Elections

      Mike Pence Plays to the G.O.P. Base From a Times Stage

      by

      Mr. Pence, while promoting his new book at the DealBook Summit, frowned upon the idea of the Justice Department’s taking action against his former boss.Former Vice President Mike Pence said that he hoped Elon Musk would “create a level playing field” on Twitter that doesn’t censor users.Hiroko Masuike/The New York TimesNEW YORK — Former Vice President Mike Pence leaned into Republican talking points on Wednesday about Elon Musk and Disney while walking a familiar fine line on his former boss, delivering a message seemingly geared toward conservatives who will decide whether he is a viable presidential contender in 2024.Appearing at The Times’s DealBook Summit in New York, Mr. Pence was repeatedly pressed by Andrew Ross Sorkin, the founder of DealBook, to talk about the Jan. 6, 2021, attack on the U.S. Capitol and the character of former President Donald J. Trump. He demurred.Even as he repeated his belief that Mr. Trump is not an antisemite, he again condemned Mr. Trump for hosting Nick Fuentes, an outspoken antisemite and racist, at a recent dinner.“President Trump was wrong to give a white nationalist, a Holocaust denier, a seat at the table,” Mr. Pence said.He defended the role he had played on Jan. 6, when Mr. Trump’s supporters called for his hanging after he had refused to overturn the election of Joseph R. Biden Jr. as president.And he said that he had never seen “evidence of widespread fraud that would change the outcome” of the 2020 presidential election.When asked whether Mr. Trump should face an indictment by the Justice Department, he frowned on the scenario.“I’m not sure that taking bad advice from lawyers is a violation of criminal law,” he said. “We see too many cases in third world countries where the incoming administration prosecutes a prior administration. That is not an image I want to resonate for the United States.”He also doubled down on comments he made earlier in the day during a Fox News appearance about Mr. Musk, saying he had faith in Mr. Musk’s overhaul of Twitter and its content guidelines, which had led the company under its previous ownership to banish Mr. Trump after the Jan. 6 attack.Mr. Pence, who is weighing a run for president, took a swipe at Disney during his remarks as well. He sought to correlate its stock losses and a recent executive shake-up with the company’s criticism of Florida’s “Don’t Say Gay” bill. The measure prohibits classroom instruction about sexual orientation and gender identity in some elementary school grades.“I think Bob Iger’s recent statements, coming into lead Disney again, prove that the antidote to woke America is America,” he said, referring to Mr. Iger’s return as Disney’s chief executive.He also mentioned his new book, “So Help Me God,” no fewer than seven times — enough to make it a punchline.“As you can tell, if I haven’t mentioned, I have a book,” Mr. Pence joked.“We got that,” Mr. Sorkin said. “We are good.”Mr. Pence underlined, as he often had before, that he was proud of the work done by the Trump administration. But, he noted, “It obviously didn’t end well.” More

    • 75 Shares159 Views

      in Elections

      FTX’s Near-Collapse Batters the Crypto Industry

      by

      Prices of digital currencies have tumbled even after the exchange FTX announced a provisional lifeline by a top rival, Binance. A humbling downfall for Sam Bankman-Fried.Erika P. Rodriguez for The New York TimesA crypto giant’s fate is in doubtDevastation in the crypto market continued on Wednesday, after the giant crypto exchange Binance announced a bombshell deal to buy its embattled rival, FTX. (The deal excludes FTX’s American operations.) The entire market’s capitalization now stands at $900 billion, down from $3 trillion just one year ago, while major cryptocurrencies were down by double-digit percentages. The damage is largely contained within crypto; both the S&P 500 and the Nasdaq closed up yesterday.But investors fear that Binance won’t go through with the rescue plan, and that more pain awaits after their industry’s biggest Lehman-esque moment to date.What happened? Binance, an early investor in FTX turned rival, said over the weekend that it planned to sell its holdings in FTT, a token used for trading on FTX’s platform — a stunning move that cast doubt on the financial health of FTX and its trading arm, Alameda Research. The token’s value has plunged by roughly 80 percent in the past 36 hours to just under $5.Traders withdrew over $1.2 billion from FTX on Monday alone, according to the research firm Nansen. By Tuesday, FTX had stopped processing withdrawals; its chief executive, Sam Bankman-Fried, who was reportedly casting about for a financial lifeline from billionaires, finally turned to Binance for salvation.Binance has cemented its dominance over crypto. It was already the largest exchange worldwide for digital currencies and derivatives; FTX’s trading volumes in September were just a fraction of Binance’s. Its founder, Changpeng Zhao — widely known as CZ — showed off his power by effectively kneecapping FTX and then swooping in with a rescue. “This elevates Zhao as the most powerful player in crypto,” Ilan Solot of the derivatives trader Marex Solutions told The Financial Times.It’s a humbling downfall for Bankman-Fried, who in just three years rocketed from obscurity to become one of the best-known moguls in crypto, earning comparisons to Warren Buffett and J.P. Morgan. Months ago, Bankman-Fried sought to live up to the Morgan comparison, swooping in to bail out troubled crypto companies like Celsius and Voyager Digital (deals whose status is now unclear); he also became a frequent presence in Washington, calling for more regulation of the crypto industry, to the ire of CZ and other executives.At the beginning of the year, FTX was valued at $32 billion, backed by heavyweight investors like BlackRock, SoftBank and Tiger Global. (Investors said yesterday they were blindsided by the deal.) The 30-year-old Bankman-Fried — known in the crypto world as S.B.F. — was said to have a net worth of over $16 billion. But a document leaked to CoinDesk purportedly showed that FTX and Alameda, whose finances had long been murky, were highly illiquid and financially vulnerable.The crypto world fears other shoes will drop. Investors worry that CZ may yet pull out of his rescue deal: He noted on Tuesday that the transaction was nonbinding and subject to due diligence. Meanwhile, tokens associated with FTX, including Solana, have continued to plunge in value.Other crypto players sought to distance themselves from the FTX meltdown. Brian Armstrong of Coinbase, the biggest U.S.-focused exchange, said FTX’s troubles appeared to arise from “risky business practices” that his company doesn’t engage in. Still, Coinbase shares fell nearly 11 percent yesterday.And regulators say the news justifies more scrutiny of crypto companies. “This is a major market event for the digital asset sector,” said Joe Rotunda of the Texas State Securities Board Enforcement Division, which had already been investigating FTX.HERE’S WHAT’S HAPPENING Elon Musk sells billions more in Tesla stock to pay for his Twitter deal. He sold nearly $4 billion worth of shares in recent days, according to regulatory filings, bringing his total sales for the year to $36 billion. The electric carmaker’s shares were up slightly in premarket trading.The United Nations seeks to end “sham” corporate net-zero pledges. Companies that claim to be trying to cut carbon emissions but invest in fossil fuels should be shamed, António Guterres, the U.N. secretary general, said at COP27. Meanwhile, more rich countries pledged to pay poorer ones compensation for damage from climate change.Disney reports a jump in streaming losses. The media giant said its direct-to-consumer unit — including Disney+ — doubled its third-quarter losses from a year ago, to $1.5 billion. But Disney said the quarter was the “peak” for losses, and noted it had added 12 million new subscribers.TikTok lowers its worldwide revenue targets amid a spending slump. The video platform cut its sales goals by 20 percent after its advertising and e-commerce operations struggled, The Financial Times reports. TikTok also revamped its leadership in the United States.Adidas cuts its profit forecast after breaking from Kanye West. The warning from the sportswear giant came weeks after it ended its highly profitable collaboration with the rapper now known as Ye. Separately, Adidas named Bjorn Gulden, the former head of Puma, as its next C.E.O.The red wave that wasn’t Republicans haven’t quite had the night they expected. As of 7 a.m. Eastern, Republicans were 21 seats shy of retaking control of the House. But leadership of the Senate remains up in the air after the Democrats flipped a seat in Pennsylvania. Here are the big highlights so far:Pennsylvania: John Fetterman, the state’s Democratic lieutenant governor, beat Mehmet Oz in the closely watched Senate race. Political analysts now say Democrats need to win two of three hotly contested Senate races — in Georgia, Arizona and Nevada, all currently held by Democrats — to maintain power in the chamber.Georgia: The Senate contest looks like it’s headed for a runoff on Dec. 6, pitting the incumbent, Raphael Warnock, against his Republican challenger, Herschel Walker.Governor races: Voters backed high-profile incumbents, including Kathy Hochul, Democrat of New York; Greg Abbott, Republican of Texas; and Tony Evers, Democrat of Wisconsin.Ballot initiatives: Voters in Michigan approved making abortion access a right protected under the State Constitution. Those in Maryland and Missouri voted to legalize marijuana, though similar measures were rejected in Arkansas and North Dakota.A rough night for Donald Trump: Several candidates that he endorsed, including in Arizona, Georgia, Michigan and Pennsylvania, lost or were behind. And a potential rival for the 2024 Republican presidential nomination, Gov. Ron DeSantis of Florida, handily won re-election.Meta slices through its work forceFacebook’s owner Meta will lay off 11,000 employees, equivalent to 13 percent of its work force, the company announced on Wednesday morning, in the biggest restructuring in the social media giant’s history. A slump in digital advertising and ballooning losses from its pivot to the metaverse have pushed the company to make a series of wide-ranging cuts.In a note to employees, Mark Zuckerberg, Meta’s co-founder and C.E.O., admitted that the company had hired too aggressively during the pandemic as homebound consumers spent more time socializing and shopping online. Meta mistakenly assumed this trend would continue: “I got this wrong, and I take responsibility for that,” he wrote.The company has begun cutting costs across its operations, “scaling back budgets, reducing perks, and shrinking our real estate footprint,” Zuckerberg wrote. The stock was up 3.7 percent in premarket trading, outperforming the Nasdaq.The economic downturn is forcing companies across industries to shrink. Citigroup and Barclays are expected to lay off hundreds in their investment banking units, Bloomberg reports. And, according to Protocol, Salesforce could cut as many as 2,500 positions in the coming weeks as the activist investor Starboard Value seeks big changes in corporate strategy.Exclusive: Keurig Dr Pepper buys stake in Athletic Brewing Keurig Dr Pepper has invested $50 million in Athletic Brewing, the nonalcoholic beer company, as part of a $75 million fund-raise by Athletic, DealBook is first to report. It’s the beverage giant’s second foray into the nonalcoholic booze category — it announced a deal to acquire a nonalcoholic cocktail brand called Atypique this summer — and another sign of interest in this fast-growing category.Athletic Brewing was founded in 2017 by Bill Shufelt, a former trader at the hedge fund Point72, and John Walker, a former craft brewer. It now sells its products — including lager, light beer and sparkling water — at retailers like Trader Joe’s. With its new backer, Athletic is looking to expand in Australia, France and Spain.Sales of nonalcoholic beer are skyrocketing, growing almost 70 percent between 2016 and 2021 in the U.S., to about $670 million, according to Euromonitor. While that is still a tiny portion of the overall beer market, its popularity stands in stark contrast to overall sluggishness in beer sales, as the younger generation drinks less and cares more about its waistline. Beer giants like Heineken, Budweiser and Sam Adams have released nonalcoholic alternatives in the last five years.It’s not just for recovering alcoholics or nondrinkers. Shufelt said 80 percent of his customers drink alcohol, and three-fourths are between the ages of 21 and 44. About half are women, he added.THE SPEED READ DealsThe E.U.’s antitrust watchdog will deepen its scrutiny of Microsoft’s $75 billion takeover of Activision Blizzard. (WSJ)Goldman Sachs has reportedly weighed buying payment-technology companies to expand its credit-card business. (WSJ)The electric carmaker Lucid said it planned to raise up to $1.5 billion in fresh capital. (NYT)PolicyThe private equity giants Apollo, Carlyle and KKR disclosed inquiries by regulators over their dealmakers’ use of messaging apps like WhatsApp for business. (Bloomberg)Supreme Court justices are weighing a Pennsylvania law that requires companies to consent to being sued in its courts for conduct done anywhere. (NYT)Kenya published some details of a 2014 loan it took out from China, potentially straining relations with the country’s biggest source of infrastructure financing. (NYT)Best of the restVirginia Giuffre, a victim of Jeffrey Epstein, now says she may have misidentified the Harvard law professor Alan Dershowitz as an abuser. (NYT)Twitter may now offer two kinds of check marks to verify users. (The Verge)Levi’s named Michelle Gass, Kohl’s chief executive, as its next C.E.O. (NYT)Would you take a Zoom meeting in a movie theater? AMC hopes so. (Insider)UBS’s chief risk officer, Christian Bluhm, is quitting to become … a professional photographer. (FT)Thanks for reading! We’ll see you tomorrow.We’d like your feedback. Please email thoughts and suggestions to dealbook@nytimes.com. More

    • 138 Shares99 Views

      in US Politics

      How Disney found its pride – and riled the American right

      by

      How Disney found its pride – and riled the American right Once known for its ‘traditional’ values, the entertainment giant is battling US conservatives over an anti-gay bill. Indeed the House of Mouse has had a long relationship with the LGBTQ+ community‘Christ. they’re going after Mickey Mouse,” said president Joe Biden in April, bemoaning the Republican party’s targeting of yet another American institution. A few days earlier, at a desk surrounded by small children, Florida governor Ron DeSantis had stripped Disney World of its self-governing status. Since its inception in 1967, Disney’s central Florida estate – officially the Reedy Creek Improvement District – has effectively operated under its own jurisdiction. The agreement has worked for both sides. Disney funds and manages public services in the district in return for autonomy over governance and development. Disney World has become the cornerstone of Florida’s tourist economy, employing 75,000 people locally. This is supposed to be Disney World’s 50th year, but the company finds itself in danger of being cast out of its own magic kingdom.DeSantis’s move was explicitly in retaliation to Disney’s opposition to HB 1557, better known as the “Don’t say gay” law. This vaguely worded bill prohibits discussion of, or instruction on, issues of sexual orientation or gender identity in Florida schools. After the successful weaponisation of “critical race theory” (an academic field that considers systemic discrimination in public life), Republicans have identified LGBTQ+ rights as another potential wedge issue, even linking them with paedophilia and grooming. DeSantis’s press secretary, Christina Pushaw, tweeted that the bill could be “more accurately described as an anti-grooming bill”. Disney responded with a statement calling for HB 1557 to be struck down in the courts. Sign up to our Inside Saturday newsletter for an exclusive behind-the-scenes look at the making of the magazine’s biggest features, as well as a curated list of our weekly highlights.To Republicans, Disney had crossed a line by interfering in politics. “Ultimately, this state is governed by the best interests of the people of this state, not what any one corporation is demanding,” DeSantis said as he signed the bill. Viewed from the opposite side, DeSantis is using the power of the state to punish a private corporation for its political views – a significant escalation in the culture wars, and a worrying look for a democracy. How did it come to this?In truth, conservatives have been going after Mickey Mouse for a long time now. Disney, which now owns Star Wars, Marvel, Pixar and 20th Century Studios, is the US’s pre-eminent cultural superpower, with particular influence over children. In recent years it has been targeted for its “woke” values in terms of inclusion and diversity in matters of race, gender and sexuality, both in its content and its employment practices. In terms of the LGBTQ+ community, though, Disney’s relationship goes far deeper, and it has developed in ways the company itself can never have anticipated.Walt Disney was never a card-carrying homophobe but he was a steadfast conservative, and long after his death in 1966, Disney’s output continued to promote “traditional” and “family” values. That didn’t discount “coding” Disney characters (usually villains) as queer, in that they exhibited stereotypically gay attributes such as effeminate behaviour or disinterest in the opposite sex: Jafar in Aladdin, for example, or Scar in The Lion King, or even Shere Khan the tiger in The Jungle Book. And, as with all forms of culture, Disney stories have lent themselves to queer readings regardless of their makers’ intentions.Dealing with themes of fantasy and magic, many classic Disney stories concern characters moving between two worlds, feeling like outsiders in their communities, transforming and becoming their true selves. These themes could equally be interpreted as explorations of sexuality or gender identity. Cinderella goes from dowdy domestic to sparkling princess at the wave of a wand; Mowgli must decide whether he belongs in the jungle or the village; Mulan masquerades as male to join the Chinese army, during which time she forms an ambiguous bond with the handsome captain. Princess Elsa in Frozen is urged by her parents to suppress her true nature but after she is figuratively “outed” (as a sorceress), she flees her heteronormative destiny, preferring to belt out Let It Go in icy isolation: “Don’t let them in, don’t let them see / Be the good girl you always have to be / Conceal don’t feel, don’t let them know …”Disney films have helped queer people discover their sexuality, says George Youngdahl, a lifelong fan. “Tarzan, Aladdin, Peter Pan, Hercules – all of those were people who I wanted to emulate and I was attracted to. I wasn’t looking at the princesses, or I was because I wanted to be them, not necessarily because I thought they were attractive.” After his first visit to California’s Disneyland, Youngdahl applied for a job at Florida’s Disney World when he was 25. He moved to Florida and worked for Disney for 15 years.Although Disney would never admit it, queer themes have sometimes been more deliberate than accidental. One of the unsung LGBTQ+ heroes of Disney lore, for example, is Howard Ashman, the openly gay lyricist and producer, who died of an Aids-related illness in 1991. With a background in musical theatre, Ashman was instrumental in bringing Disney classics The Little Mermaid, Beauty and the Beast and Aladdin to the screen, and his involvment is obvious in the final releases.In The Little Mermaid, for example, Ariel is told by her domineering father that the human world is evil and forbidden, but to Ariel, it looks like more fun. “Up where they walk, up where they run / Up where they stay all day in the sun / Wanderin’ free, wish I could be / Part of that world,” she sings. The fact that the evil sea witch, Ursula, was modelled on renowned drag artist Divine only adds to the queer appeal. (The original Little Mermaid was written as an allegory for same-sex attraction, incidentally: Hans Christian Andersen was inspired to write the fairytale by his unrequited love for another man.)“Kids, even in the most accepting of environments, grow up knowing that they’re different and unsure of how that’s going to play out in the world,” says Eddie Shapiro, co-author of Queens in the Kingdom, an LGBTQ+ guide to Disney’s theme parks. “So there’s a sense of otherness. And in the Disney universe, the characters who triumph, the Dumbos of the world, are frequently also other. And they come out on top, or they come out loved, supported, safe. And that’s a big comfort.”It is fair to also call Shapiro something of a Disney super-fan. As we speak, he is on a Disney cruise from Florida to Castaway Cay, Disney’s private resort island in the Bahamas. As with the movies, Disney theme parks have a certain appeal from an LGBTQ+ perspective, he says. “Disney offers a perfect world that never was,” he says. “You didn’t always feel safe as a gay kid, now you’re walking down Main Street, USA, and everything is manicured, everything is clean. Everybody’s friendly. It’s perfect – something that appeals to the child within.”Disney initially resisted attempts by LGBTQ+ visitors to express their fandom at its theme parks. In the 1980s, the company was twice sued for prohibiting men dancing together at Disney World, for example. But in June 1991 a man named Doug Swallow organised a coordinated mass trip to Disney World, attended by 3,000 LGBTQ+ people, wearing red shirts to identify themselves. This was the park’s first Gay Day, and it has continued ever since. The event now brings more than 150,000 LGBTQ+ people to Orlando every June.In the early years, Disney would warn “straight” visitors when it was Gay Day and hand out white T-shirts to non-participants who had inadvertently turned up wearing red. While Disney does not officially recognise Gay Day, it soon came to appreciate the commercial clout of the LGBTQ+ community. There is no end of rainbow-coloured Disney merchandise on sale, and Disney accommodates and facilitates the Gay Day schedule of events, including a week-long festival taking place across the city, with club nights, drag shows, pool parties, and special hotel deals.After his first Florida Gay Day in 1998, Shapiro founded a sister Gay Day Anaheim at the Los Angeles Disneyland. While Orlando Gay Days are more party-centric, the lower-key Anaheim event takes place mostly inside the park. There is a high level of cooperation. Disney now hosts a table at its welcome centre promoting fairytale gay weddings at Disneyland and hosts premieres at Gay Day.“Gay Day was never formed with a political agenda,” says Shapiro. The idea was always integration rather than segregation. “You’re mixing with traditional families, and hopefully changing some hearts and minds. It was not at all lost on us that we were showing up at America’s number one family destination with our families of choice, and announcing by being there, that [we] were worthy, and should absolutely be there, and stand up and be counted. And we’re still doing that.”Disney has learned to embrace LGBTQ+ friendliness on screen and off in recent decades. In 1995 it became one of the first companies to offer health benefits to same-sex partners of employees (prompting a considerable conservative backlash in the process). Meanwhile, it has taken tentative steps towards representation on screen. Even if its “openly gay character” proclamations rarely live up to the billing, there have been fleeting references to same-sex relationships in movies including Toy Story 4 (two women drop off their daughter at kindergarten); Onward (Lena Waithe’s cop refers to her girlfriend); the live-action Beauty and the Beast remake (the character LeFou, played by Josh Gad, is telegraphed as gay and dances with another man, although not even Gad was particularly proud of that one; “I don’t think we did justice to what a real gay character in a Disney film should be,” he admitted). Jack Whitehall went a step further, playing a gay man in Disney’s live-action film Jungle Cruise last year. And Pixar was recently reported to be casting for a voice actor to play a “14-year-old transgender girl” in an upcoming project.But Disney has always balanced its support for the LGBTQ+ community with its appeal to more conservative-leaning consumers, which could be seen as playing both sides. The corporation was recently revealed to have donated almost $1m to the Republican party of Florida in 2020, and $50,000 directly to DeSantis – none of which appears to have deterred him from targeting Disney.Many insiders blame Disney’s mishandling of the Florida issue on its new CEO, Bob Chapek. His predecessor, Bob Iger, is regarded as a hero for presiding over Disney’s canny acquisitions of LucasFilm, Marvel and Pixar, and launching Disney+, all while vocally supporting progressive causes such as Black Lives Matter during the Trump administration. Chapek, who came from Disney’s parks division, is reportedly more conservative-leaning, more managerial and less experienced at this kind of political diplomacy.When DeSantis first announced the “Don’t say gay” bill in early March, Chapek’s response was to stay silent. He sent an internal email to Disney staff expressing his support for the LGBTQ+ community but claiming “corporate statements do very little to change outcomes or minds. Instead, they are often weaponised by one side or the other to further divide and inflame.” This enraged Disney’s LGBTQ+ staff and their allies. Pixar employees released a statement alleging that Disney executives had demanded cuts from “nearly every moment of overtly gay affection” in its movies. In response, Chapek gave a public apology, “You needed me to be a stronger ally in the fight for equal rights and I let you down. I am sorry.” That was not enough to prevent a series of staff walkouts leading up to the signing of the bill on 22 March. Hence Disney’s more confrontational statement about seeking to have the law repealed and struck down.“There is a widespread belief that this was bungled, and it’s a belief not just inside the company, but in the Hollywood community at large,” says Matthew Belloni, ex-editor of the Hollywood Reporter. “If they had remained on the sidelines, lobbied behind the scenes, and made employees know that they cared about the issue but didn’t do so in a way that provoked the politicians, they could have, in my opinion, gotten away with advocacy without becoming a punching bag.”If it happens, the removal of Disney World’s special status, which would come into effect in June 2023, is likely to hurt local citizens more than Disney itself. The burden of running the district’s public services will now fall to taxpayers, and could translate into additional bills for locals. As his public signing of the anti-Disney law, surrounded by schoolchildren, suggests, DeSantis, who many see as a presidential contender, is essentially engaging in political theatre. But potentially more harmful than the attacks on Disney is the “Don’t say gay” bill itself, which is likely to cause long-lasting harm to Florida’s young LGBTQ+ people and their educators.Cotton plantations and non-consensual kisses: how Disney became embroiled in the culture warsRead moreAs with previous occasions when conservatives have “gone after Mickey Mouse”, this latest attack is likely to blow over. “Disney is such a large corporation that I don’t think this specific punishment is going to register in the grand scheme of things,” says Belloni. “It’s more about how it moves forward, and whether it can operate as a down-the-middle, umbrella brand for everybody amid this kind of culture war that it has found itself the centre of.”Maybe Disney doesn’t have to pick a side. The Republicans’ current tactics feel like an attempt to turn back the clock – ironically to an era and a set of values Disney once embodied. But Disney is compelled to look in the opposite direction, led by a market that is increasingly global, young and diverse. While Disney’s centrism can be interpreted cynically as playing both sides or, more generously, catering to all tastes, the important thing is that “centre” has moved a considerable way during the company’s lifetime – and Disney has moved with it.TopicsWalt Disney CompanyLGBT rightsAnimation in filmFilm industryUS politicsFloridaRon DeSantisfeaturesReuse this content More

    • 125 Shares129 Views

      in US Politics

      Ron DeSantis Disney attack violates Republican principles, GOP rival says

      by

      Ron DeSantis Disney attack violates Republican principles, GOP rival saysAsa Hutchinson of Arkansas appears to have no problem with anti-LGBTQ+ policies but says private business should not be target

      This Will Not Pass review: Dire reading for Democrats
      The “revenge” political attack on Disney by Florida’s Republican governor, Ron DeSantis, for opposing his “don’t say gay” law violates the party’s mantra of restrained government, his counterpart in Arkansas said.Democratic senator Joe Manchin cuts ad for West Virginia RepublicanRead moreDeSantis and Asa Hutchinson could be rivals for the Republican presidential nomination in 2024. On Sunday, Hutchinson laid out his position on CNN’s State of the Union.“I don’t believe that government should be punitive against private businesses because we disagree with them,” the Arkansas governor said, referring to the law DeSantis signed last week dissolving Disney’s 55-year right to self-government through its special taxing district in Florida.“That’s not the right approach… to me it’s the old Republican principle of having a restrained government.”Critics have criticised DeSantis for escalating his feud with the theme park giant, his state’s largest private employer, over the “don’t say gay” law, which bans classroom discussion of sexual orientation and gender identity in certain grades.Many educators believe the law is “hurtful and insulting” and threatens support for LBGTQ+ students in schools. Equality advocacy groups have filed a lawsuit against it.“They are abusing their power and trying to scare Floridians and businesses away from expressing any support for that community,” a Democratic state representative, Carlos Guillermo Smith, has said.Hutchinson appeared to have no problem with DeSantis going after the LGBTQ+ community.“The law that was passed is to me common sense that in those grades, those lower grades, you shouldn’t be teaching sexual orientation, those matters that should not be covered at that age,” he said.“[But] let’s do the right thing. It’s a fair debate about the special tax privileges, I understand that debate. But let’s not go after businesses and punish them because we disagree with what they say.“I disagree with a punitive approach to businesses. Businesses make mistakes, [Disney] shouldn’t have gone there, but we should not be punishing them for their private actions.”Disney struck back at DeSantis this week by informing investors that the state cannot dissolve its status without first paying off the company’s bond debts, reported by CNN to be about $1bn.Biden’s top border official not worried about Republican impeachment threatsRead moreThe dispute centers on an entity called the Reedy Creek improvement district, established by Florida lawmakers in 1967 to allow Disney to raise its own taxes and provide essential government services as it began to construct its theme park empire.DeSantis’s law seeks to eliminate all special taxing districts created before 1968. Analysts predict families in two counties that Disney’s land covers could face property tax rises of thousands of dollars each if Reedy Creek is terminated next summer.DeSantis insisted during a Fox News town hall on Thursday that Disney would be responsible for paying its debts. Without providing details, he promised “additional legislative action” to fix the issue, CNN said.TopicsRon DeSantisFloridaUS politicsRepublicansWalt Disney CompanyLGBT rightsUS educationnewsReuse this content More