The Walt Disney Co. seems to have admitted "its controversial political and social agenda" has hurt the company and shareholders, according to Fox News Digital citing a story from Jonathan Turley.
Turley, a George Washington University law professor and Fox News contributor, used the 300th birthday of famed economist Adam Smith, whose "invisible hand" metaphor explained how people could exercise their choice between particular products, to put a spotlight on Disney's struggles.
"Disney appears to acknowledge that Smith’s invisible hand is giving the ‘House of Mouse’ the middle finger. In a new corporate disclosure, Disney acknowledges that its controversial political and social agenda is costing the company and shareholders," Turley wrote in a piece for The Hill.
Turley then cited a recent SEC (Securities and Exchange Commission) annual report in which Disney acknowledged that "we face risks relating to misalignment with public and consumer tastes and preferences for entertainment, travel and consumer products."
"In an implied nod to Smith, the company observes that ‘the success of our businesses depends on our ability to consistently create compelling content,’ and that ‘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. 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,’" Turley wrote.
He noted that Disney and other companies ignore consumer backlash over corporate campaigns and that the company "reportedly lost a billion dollars just on four of its recent ‘woke’ movie flops" but has "continued to roll out underperforming movies" as revenue dropped.
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