(There’s actually a summary at the bottom!)
In other threads, I discussed how my family was in control of a city (Beverly Beach, FL) because of a large land purchase + development plan we were in charge of. We got out of the arrangement in 1979, 1980 - but because we sold the land. Would not surprise me if it is still in force - our mobile home park was the source for the cities water and sewage treatment, and it still is.
To Disney…
I would like to note that one of the reasons RD thinks Disney is vulnerable to this issue is the change in their business focus as represented on their annual report filings, starting in 2020.
If you look at the 2019 report…
“Item 1. Business” (page 1) goes into a list of transactions and then a 27-page discussion of the various business units and investments made by Disney. Pretty standard stuff.
But look at 2020:
OK, there’s a COVID disclaimer. But then there’s a 1.25 page talking about human capital… and diversity and inclusion… and other “woke mind virus” stuff (Jesus, I cannot believe I have to speak like this because of these goddamned children).
And this didn’t end, continuing in 2021, with this new section coming close to 2 pages, the specific D&I initiatives highlighted in bold:
Lastly, 2022:
LOL, they kinda took my advice:
They didn’t exactly do this, but what they did was take the “Forward-Looking Statements” boilerplate which was, up to 2021, in the things around page 60… well, Disney execs expanded this from one paragraph to a full page and put it in the front of the entire document. Making FLS a preamble when it was largely an afterthought definitely indicates that the people in Disney are worried about investor and legal blowback as much as anything I’ve seen so far.
However, they still have the Human Capital/DE&I wording… but there are some changes. For example, you can find the following wording in the 2021 10k which has been removed from the 2022 10k:
So the “Inclusion Key” has been removed. Anything else change?
Oh… under “Health, Family, and more benefits”…
In 2022… look at what they added:
The 2022 10k does not address the Reed Creek issue, btw. The next 10k will be issued sometime after October 1st, 2023. It may have been addressed in the 8k’s which are filed quarterly, but I’ve looked at this stuff enough for y’all, lol.
In conclusion:
- There’s now a city with a bullshit fake city council in control of it and this will never end well.
- There are indications in their SEC filings that Disney is concerned about the implications of this. I mean, the “this all may be bullshit” section led the document!
- Regardless, it can NOT be argued that “diversity isn’t what Disney does, they make movies, etc…” because Disney itself states explicitly, in their government filings, that diversity is key to their business model and plans for growth.