In his column for The Hill on Saturday, legal expert Jonathan Turley wrote that in a new SEC filed this week, Disney acknowledged mistakes and admitted that its far-left social and political agenda is costing the company and its shareholders, leading to losses potentially extending into billions.
Disney admitted that consumer acceptance impacts its bottom line, stating it faced risks relating to misalignment with public and consumer preferences for entertainment, travel, and consumer products, which affects demand for their entertainment offerings and products and business profitability.
Customers have been withdrawing from Disney+ and Hulu in the wake of nationwide boycotts and steep increases in subscription prices. In September, Disney announced it was expected to lose tens of millions of its 2024 goal for Disney+ and streaming service Hulu.
Disney stock hit a 9-year low, with its marketing cap declining from $350.09 billion on March 22, 2022, to $154.04 billion this past summer.
Turley wrote, “In recent filings, Disney appears to acknowledge Smith’s invisible hand is giving the ‘House of Mouse’ the middle finger,” crediting Disney’s sufferings to what the late economist Adam Smith called the “hidden hand” of the marketplace.
Disney has admitted the hidden hand is taking its toll on its public stock disclosure, stating its revenues and profitability are adversely affected when entertainment offerings and products, as well as methods to make offerings and products available to consumers, do not achieve sufficient consumer acceptance.
Disney’s liberal social agenda garnered public attention in 2022 when it went to battle with Florida Gov. Ron DeSantis over Parental Rights in Education Law, which banned sexual education to children in public schools in the third grade or younger.
Disney claimed DeSantis was proposing a “don’t say gay” bill. The DeSantis-backed bill never mentions gays but banned any sex education for those early ages, saying it was best left for parents to manage.
“Disney’s products are viewed by many conservatives as empty virtue signaling and endless attempts to indoctrinate children; moreover, when the company publicly declares its opposition to a popular parental rights bill in Florida, it moves away from a commercial to a political focus,” Turley wrote, noting that Disney has potentially lost $1 billion on its recent ‘woke’ movie flops.
Earlier this year, former CEO Bob Iger returned to the helm of the entertainment giant to restore its economic standing. However, it is unclear if the company is changing course from its political and social push.
Disney’s summer release of the new Snow White, which included seven dwarfs replaced with magical creatures of multiple genders, was a box office flop.
It was also reported that Disney had a male dressed as a female character greeting young children at their Disneyland facility in Anaheim, California.