Disney‘s Bob Iger cancels the $1 billion Florida campus known as the Nona Project for employees as the Disney-DeSantis battle heats up. The media is misreporting it as a significant political blow for De Santis. Iger withdrew it because he never liked the project, and it was never popular with employees. They didn’t want to move from California to Florida. Some quit. It soared from an $800K project to a $1.3 billion project.
Also, you might not know this, but they only canceled part of the project. Simultaneously, Disney announced it still plans to invest $17 Billion and create 13,000 new jobs in Florida. The corrupt media also ignored that.
THE PROJECT WAS GOING NOWHERE
In fairness to the media, Iger gave them the ammunition. However, with just a little research, they could have found the entire story. This is more evidence of their bias.
The reason given was that he canceled the massive office complex in Orlando because of “new leadership and changing business conditions.” Iger also got his digs in.
On last week’s conference call, Iger asked rhetorically, “Does the state want us to invest more, employ more people, and pay more taxes or not?”
Legal Insurrection reports:
But if you read the details, the reality is that Disney canceled one small part of its Florida plans for less than $1 billion and kept almost all its other plans. And even that $1 billion was not such a sweet deal for Florida since it was subsidized by over $500 million in tax incentives, and there were doubts that the job growth, which was by transferring employees from southern California, even could happen.
While the NY Times lied with their headline, “Disney Pulls Plug on $1 Billion Development in Florida,” they did report decently in the body of their article.
“Disney is also in the midst of cutting $5.5 billion in costs as it seeks to improve profitability, pay down debt and restore its dividend. Later on Thursday, for instance, Disney said it would close an underperforming luxury hotel at Disney World.”
“Mr. Iger, who came out of retirement to retake Disney’s reins, was much less enthusiastic about the project — even before the company became mired in its battle with Mr. DeSantis. As soon as he returned to Disney, Mr. Iger began telling lieutenants, for instance, that it made little sense to move Imagineering so far away from Disney’s movie studios. As he is fond of saying, “Creative teams need to be together.”
Mr. Iger has been systematically reversing Mr. Chapek’s decisions.”
A spokesman for Mr. DeSantis said in an email: “Disney announced the possibility of a Lake Nona campus nearly two years ago. Nothing ever came of the project, and the state was unsure whether it would come to fruition. Given the company’s financial straits, falling market cap, and declining stock price, it is unsurprising that they would restructure their business operations and cancel unsuccessful ventures.”
CBS’s Gayle King loves the latest DeSantis-Disney developments that saw Disney cancel a new office complex, “Okay. Drop the microphone Bob Iger. He seems to be saying you want to play hardball, Governor DeSantis, let’s go.” Back in the real world, Iger always hated the project pic.twitter.com/KcnrYSOWIU
— Alex Christy (@alexchristy17) May 19, 2023