Walt Disney Co., locked in an escalating political feud with Republican Florida Gov. Ron DeSantis, has scrapped plans on a roughly $1 billion investment in a new corporate campus in Florida that would have relocated more than 2,000 employees.
“This was not an easy decision to make, but I believe it is the right one,” Josh D’Amaro, chairman of Disney’s parks, experiences and products division, told employees Thursday in a memo viewed by MarketWatch.
“While some were excited about the new campus, I know that this decision and the circumstances surrounding it have been difficult for others,”D’Amaro wrote. “Given the considerable changes that have occurred since the announcement of this project, including new leadership and changing business conditions, we have decided not to move forward.”
Citing “changing business conditions,” D’Amaro said the project is dead, and employees will no longer be asked to relocate from Southern California. Many Disney DIS,
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employees balked at the company’s relocation plans when they were first announced by former Chief Executive Bob Chapek in July 2021. Chapek was fired by the board in November, and supplanted by Robert Iger, who has pushed back hard at DeSantis, a likely presidential candidate in 2024.
D’Amaro said employees who already moved to Florida may be able to relocate back to California. Disney World is Florida’s largest employer, with approximately 75,000 workers.
The reversal in Disney’s plans to develop in the town of Lake Nona, outside of Orlando, is the latest dispute between the media giant and DeSantis, who last year criticized Disney for publicly opposing a sex-education bill that he had championed. The rise in tensions has led to a spate of lawsuits and increasingly bitter war of words between the two sides.
Separately, Walt Disney World late Thursday said it is shuttering all Star Wars: Galactic Starcruiser voyages, by the end of September. The immersive experience debuted in Spring 2022 with a starting price of $4,800 for two guests and just under $6,000 for four guests sharing a cabin.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
