Walt Disney Bob Iger told investors the company will "quiet the noise" in a culture war that has pitted social conservatives against the global media and entertainment conglomerate, according to Reuters citing an analyst's note on Wednesday.
Iger’s brief statement, included in an analyst report from Needham media analyst Laura Martin, was part of an investors’ presentation on Tuesday at Walt Disney World Resort in Orlando, Florida, in which the CEO also announced Disney will double its investment in theme parks and cruise ships over the next decade.
Disney is struggling to make its streaming business profitable, improve the quality of its films, position its flagship sports brand, ESPN, to stream directly to consumers, and potentially shed its television networks. In its most recent quarter, the company beat Wall Street's profit expectations but fell short on revenue.
The entertainment company was thrust at the center of the nation’s culture wars in 2022, when it publicly criticized Florida legislation restricting classroom discussion of sexual orientation and gender identity. Governor Ron DeSantis responded by campaigning against “woke Disney,” and working with the state legislature to strip it of self-governing authority over the parks.
Florida and Disney are locked in a legal battle over the formation of the Central Florida Oversight District board, which assumed oversight of development in the nearly 25,000 acres (100 square kilometers) of property in and around Disney’s theme parks.
It is unclear how much of the $60 billion in new investment in parks will be spent in Florida, where Disney faces increased competition from rivals such as Universal Orlando Resort. Iger previously said the company planned to spend $17 billion in investment at Walt Disney World over the next 10 years.
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