Disney Stock (NYSE:DIS)
After introducing new legislation in Florida this week that would limit Disney’s capacity to regulate growth in Orlando, Walt Disney (NYSE:DIS) filed an amended federal lawsuit against Gov. Ron DeSantis.
The entertainment giant sued DeSantis two weeks ago, charging him with trying to hurt its business through politics by getting rid of a special taxing district that gave Disney a lot of control over how its Walt Disney World resort was built.
Disney previously said it was “forced to defend itself against a state weaponizing its power to inflict political punishment.”
DeSantis signed a bill on the last day of the Florida legislature’s session (last Friday) to nullify Disney’s development agreements with its oversight board before he appointed new supervisors to manage the Orlando theme parks.
Disney has enlarged and revised its federal lawsuit against DeSantis and his supporters, claiming they show “no apparent intent to moderate their retaliatory campaign any time soon.”
Disney was singled out in the new state legislation prohibiting independent special districts from “complying with the terms of any development agreement” made within three months after a bill “modifying the manner of selecting members.”
Monday’s increase in Disney stock was 2.7%, following the company’s amended lawsuit filing.
The feud between DeSantis and Disney began when the business opposed Florida’s Parental Rights in Education Act, sometimes known as the “Don’t Say Gay” statute, when it was managed by former CEO Bob Chapek.
As a result, DeSantis made a concerted attempt to dismantle the Reedy Creek Improvement District, which had granted Disney preferential protection since its establishment in 1967 and through which Disney had controlled property use and provided municipal services, including power and emergency fire and medical care.
In February, DeSantis signed a law that transferred the management of Reedy Creek from a private corporation to the state of Florida.
He was unaware that Disney had struck a deal with the resigning board to restore its control over the school system. DeSantis said he would reverse the decision, calling the agreement “defective.”
CEO Bob Iger issued his strongest statement at Disney’s annual meeting, calling DeSantis’ actions “not just anti-business, but anti-Florida.”
Featured Image: Megapixl
Author Shariq Khan 
