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Tags: disney | woke | stock | market cap | politics | cancel culture | capitalism

Disney Admits Its Left-Wing Politics Hurt Shareholders

By    |   Saturday, 25 November 2023 07:07 PM EST

In new SEC filings, Disney is now admitting it has been slapped by its own customers for its far-left social and political agenda, legal expert Jonathan Turley wrote in his recent column for The Hill on Saturday.

"In a new corporate disclosure, Disney acknowledges that its controversial political and social agenda is costing the company and shareholders," Turley wrote.

Turley pointed to Disney's SEC filing this week that acknowledged some mistakes leading to losses potentially stretching into billions with pair of statements listed in bold:

"We face risks relating to misalignment with public and consumer tastes and preferences for entertainment, travel and consumer products, which impact demand for our entertainment offerings and products and the profitability of any of our businesses."

"We face risks related to changes in our business strategy or restructuring of our businesses, which have affected and may continue to affect our cost structure, the profitability of our businesses or the value of our assets."

Disney was forced to admit "consumer acceptance" is going to impact its bottom line.

In September, Disney announced it was expected to fall tens of millions short of its 2024 goal for Disney+ and its streaming service Hulu.

Customers have been fleeing Disney+ and Hulu in the wake of nationwide boycotts and sharp subscription price increases.

And this past summer, Disney stock had a hit a 9-year low, with its marketing cap falling from $350.09 billion March 22, 2022, to $154.04 billion – a decline of $196.05 billion – or a 56% drop.

Turley credits Disney's woes as a function of what the late economist Adam Smith called the "hidden hand" of the marketplace.

"In recent filings, Disney appears to acknowledge Smith's invisible hand is giving the 'House of Mouse' the middle finger," Turley wrote.

Indeed, Disney admitted the hidden hand is taking its toll in its public stock disclosure.

"Generally, our revenues and profitability are adversely impacted when our entertainment offerings and products, as well as our methods to make our offerings and products available to consumers, do not achieve sufficient consumer acceptance," the filing read.

"Further, consumers' perceptions of our position on matters of public interest, including our efforts to achieve certain of our environmental and social goals, often differ widely and present risks to our reputation and brands."

Disney's liberal social agenda came to public attention in 2022 when it went to battle with Florida under Gov. Ron DeSantis over the Parental Rights in Education Law, which banned sexual education to children in public schools in the third grade or younger.

Disney claimed DeSantis was proposing a "don't say gay" bill – but the DeSantis-backed bill never mentions gays, only banning sex education for those early ages, saying it was best left for parents to handle.

Turley noted Disney has potentially lost $1 billion on "recent 'woke' movie flops."

"Disney's products are now viewed by many conservatives as empty virtue signaling and endless attempts to indoctrinate children," Turley wrote.

"Moreover, when the company publicly declares its opposition to a popular parental rights bill in Florida, it is moving away from a commercial to a political focus."

Earlier this year, former CEO Bob Iger has returned to take the helm of the entertainment giant to restore its economic standing.

But it is unclear if the company is changing course from its political and social push.

The summer release of the new "Snow White" – which included seven dwarfs replaced with magical creatures of multiple genders – was postponed until March 2025.

The New York Post also reported Disney had a male dressed as a female greeting young children at their Disneyland facility in Anaheim, California.

Eric Mack

Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.

© 2024 Newsmax. All rights reserved.


US
In new SEC filings, Disney is now admitting it has been slapped by its own customers for its far left social and political agenda, legal expert Jonathan Turley wrote in his recent column for The Hill on Saturday.
disney, woke, stock, market cap, politics, cancel culture, capitalism, agendas
606
2023-07-25
Saturday, 25 November 2023 07:07 PM
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