Iger announces $17B investment in Disney World over next decade

Disney CEO Bob Iger announced today during the Walt Disney Company’s annual shareholder meeting that the company intends to invest $17 billion in Walt Disney World over the next 10 years, which could result in creating 13,000 new jobs and thousands of indirect jobs.

The announcement came in response to a shareholder question about the current fight Gov. Ron DeSantis has picked with the entertainment giant.

Iger has not often spoken publicly about the battle until now.

The quick battle recap is that Disney came out against Florida’s “Don’t Say Gay” bill last year. DeSantis, who did not like being called out by one of the state’s largest employers, decided to eliminate the Reedy Creek Improvement District (which was created when Disney came to the state more than 50 years ago and run by Disney appointees) and has the state take control over the public board, which is primarily responsible for the development, maintaining roads and infrastructure. The RCID, months before the new board went into effect, passed a 30-year development agreement with Disney with some restrictive covenants. DeSantis appointed a new board filled with political and social conservative allies. The board has now just realized that the previous agreement might at least for the next 30 years just allow the board to maintain roads and infrastructure. In response, the board has placed on retainer a number of law firms to fight the development agreement. And today, DeSantis asked Florida’s chief inspector general for a thorough review and investigation on the agreements in hopes of finding a way to nullify the agreement.

Now, back to Iger. During the shareholder meeting, a number of questions came up about the fight with Florida and Disney taking “political sides.”

Iger says Disney “loves” Florida and says companies have a right to free speech. “A year ago, the company took a position against pending Florida legislation. And while the company may not have handled the position that they took very well, a company has a right to freedom of speech just like individuals do. Obviously, in taking the position [Ron DeSantis] got very angry against the position that Disney took and it seems like he has decided to retaliate against us, including the naming of a new board to oversee the property of the business. In effect, to seek to punish a company for its exercise of a constitutional right, and that just seems really wrong to me – against any company or individual, but especially against a company that means so much to the state that you live in.”

The actions, he said, sound “anti-business and anti-Florida.”

Iger also pointed out that Disney is the largest taxpayer in the state and has 75,000 employees in Florida and has brought in 50 million visitors alone, including 8 million internationally this past year.

The Disney CEO, who has previously said he is bullish on the theme park business and is encouraging expansion, said Disney has plans for major investment in the next decade without providing specifics.

A different shareholder asked if it was smart of Disney to take political stances. He said that part of his job is to do what’s best for cast members and employees. He said that the company should weigh in on all issues. There are times when the company will weigh in on an issue when there is a true reason and when it would have a direct effect “on our business, or our people.”

He pointed out that for decades, businesses in the U.S. have expressed themselves on various issues.

Iger was then asked by a shareholder about it partnering with various organizations such as the San Francisco Gay Choir and asked if it would be more beneficial for the company financially to abandon the LGBTQIA+ community.

Iger said he wanted to put some of this in perspective.

Create some perspective. Disney is celebrating 100 years of storytelling. During that time the stories told have touched people’s hearts and infused them with good values about heroes, family, friendship, good triumphing over evil, and tomorrow always being brighter than today.

Recently critics have come out against the company’s “agenda-driven content.” “Our primary mission is to entertain and continue to have a positive impact on the world,” he said.

He noted that Disney should be sensitive to the fact that parents have different levels of comfort with the content they create. But that they strive to tell stories that reflect the world, and greater respect and acceptance, to carry on Walt Disney’s legacy of spreading joy for everyone.