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Disney and Ron DeSantis allies reach settlement in lawsuit regarding the Theme Park District; Deets inside
An agreement regarding the future governance of Walt Disney World has been reached by Disney and allies of Florida Governor Ron DeSantis.
Today, a special district board that was appointed by Governor Ron DeSantis to supervise The Walt Disney Co.'s Florida theme park properties settled their legal dispute.
What is the legal dispute between Disney and DeSantis
Days before a fiercely disputed shareholder vote for Disney and CEO Bob Iger, this arrangement concludes a protracted and contentious battle between the Mouse House and the defeated GOP presidential hopeful. Over the previous 18 months, the court battles between Disney and DeSantis had grown increasingly personal, with Iger even criticizing the governor of the Sunshine State for his anti-business stance.
Jeff Vahle, president of Walt Disney World Resort, said in a statement, "We are pleased to put an end to all litigation pending in state court in Florida between Disney and the Central Florida Tourism Oversight District. This agreement opens a new chapter of constructive engagement with the new leadership of the district and serves the interests of all parties by enabling significant continued investment and the creation of thousands of direct and indirect jobs and economic opportunity in the State.”
Disney's criticism of Florida's Parental Rights in Education Act, which opponents referred to as the "Don't Say Gay" bill, sparked the DeSantis administration to revoke the special tax district under Disney's control that granted the entertainment giant control over its theme parks in the state, set off the current dispute. All pending lawsuits between Disney and the board in Florida state court has been resolved by the settlement between the two parties.
A lawsuit was filed last year by the board that DeSantis appointed to the newly created Central Florida Tourism Oversight District, which took the place of the Disney-controlled Reedy Creek Improvement District. The lawsuit aimed to nullify an agreement that the Reedy Creek board had made "backroom deals" that benefited Disney before it was fired and replaced. In their complaint, the new board claimed that the Disney pact was a one-sided agreement that the outgoing board had rubber-stamped.
There are allies on both sides. The largest proxy advice firm, ISS, is in favor of Peltz's candidacy. Disney's slate was supported by Glass Lewis, another influential advisor. Because they advise shareholders on how to vote, these companies have a lot of influence.
Prominent figures, including Walt Disney's family members, George Lucas, Michael Eisner, Laurene Powell Jobs, and Jamie Dimon, have shown their support for Disney and Iger.
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