Disney Officially Cancels Lake Nona, FL Relocation Project

[Starport Seven-Five]

I guess it's not likely to be able to repurchase a home that one recently sold.

And the big deal in California is Proposition 13 property tax stability. There's a strong incentive not to sell because a new home is likely to cost more and increase the assessed value. I've mentioned this in other topics. I remember checking the assessed value of a neighbor, which was maybe $30,000 because the house was last purchased in 1971 at the time I checked. The owner then sold for over $1 million and the new owner is paying on that assessed value. The ad valorem taxes are 30x more.

Mortgage rates have also increased significantly during this time period. The mortgage people had on a house they sold in 2021 is no longer possible.

 

[GAN]

I've never liked Iger from day one. He's a bean counter who never cared about the brand. IMO He chipped away until prices were so high and films so awful customers finally said no. His latest projects have done nothing to endear him to many long time fans.

I am truly sorry for the families who were uprooted only to have the project cancelled. What a horrible experience.

ALL CEO’s better be bean counters! They‘re ultimately responsible for a businesses financial well-being. As far as films go, I’d be curious to see what Disney‘s hit rate is compared to other studios ..financially, I’m thinking they’re somewhere near the top. I can understand anyone disliking his or the Company’s decisions -but he is one of the best CEO’s of his generation. Period. Regarding the families uprooted, I can’t speak to how Disney would handle that …but most companies would be compensating them for a return to California if they choose. That’s something that would/should have been part of their final decision…. They understand the situation they put them in, and if they’re already in Orlando we’re not talking front line employees -I’d guess that these are people with some major decision-making significance to the business.

 

[TLSnell1981]

ALL CEO’s better be bean counters! They‘re ultimately responsible for a businesses financial well-being. As far as films go, I’d be curious to see what Disney‘s hit rate is compared to other studios ..financially, I’m thinking they’re somewhere near the top. I can understand anyone disliking his or the Company’s decisions -but he is one of the best CEO’s of his generation. Period. Regarding the families uprooted, I can’t speak to how Disney would handle that …but most companies would be compensating them for a return to California if they choose. That’s something that would/should have been part of their final decision…. They understand the situation they put them in, and if they’re already in Orlando we’re not talking front line employees -I’d guess that these are people with some major decision-making significance to the business.

Of course a competent CEO is responsible for the financial well-being of the company but that is only one part of their obligation. I'm not so sure about the beans right now. He hasn't made good choices. IMO You like Iger...I don't. He has hurt the brand...again MO

 

[declansdad]

Of course a competent CEO is responsible for the financial well-being of the company but that is only one part of their obligation. I'm not so sure about the beans right now. He hasn't made good choices. IMO You like Iger...I don't. He has hurt the brand...again MO

During his initial 15-year stewardship of the company, Iger broadened Disney's roster of intellectual properties, expanded its presence in international markets, and oversaw an increase of the company's market capitalization from $48 billion to $257 billion. He led the major acquisitions of Pixar in 2006 for $7.4 billion, Marvel Entertainment in 2009 for $4 billion, Lucasfilm in 2012 for $4.06 billion, and the entertainment assets of 21st Century Fox in 2019 for $71.3 billion. Iger also expanded the company's theme park resorts presence in East Asia, with the introduction of Hong Kong Disneyland Resort and Shanghai Disney Resort in 2005 and 2016, respectively. Additionally, he was also the driving force behind the reinvigoration of Walt Disney Animation Studios, the branded-release strategy of its film studio's output, and the company's increased investment on its direct-to-consumer businesses, including Disney+ and Hulu.

How has he hurt the brand again?

 

[GAN]

During his initial 15-year stewardship of the company, Iger broadened Disney's roster of intellectual properties, expanded its presence in international markets, and oversaw an increase of the company's market capitalization from $48 billion to $257 billion. He led the major acquisitions of Pixar in 2006 for $7.4 billion, Marvel Entertainment in 2009 for $4 billion, Lucasfilm in 2012 for $4.06 billion, and the entertainment assets of 21st Century Fox in 2019 for $71.3 billion. Iger also expanded the company's theme park resorts presence in East Asia, with the introduction of Hong Kong Disneyland Resort and Shanghai Disney Resort in 2005 and 2016, respectively. Additionally, he was also the driving force behind the reinvigoration of Walt Disney Animation Studios, the branded-release strategy of its film studio's output, and the company's increased investment on its direct-to-consumer businesses, including Disney+ and Hulu.

How has he hurt the brand again?

It’s personal opinion. Without a doubt he’s improved the brand -so sure I like him. Not every decision related to parks is his ..that’s why he hires people like Josh D’Amaro. He‘s one of the more relatable, non-stiff CEO’s around …he wasn’t born with a silver spoon and worked tirelessly up the corporate ladder.

He committed years negotiating the Shanghai deal -it was his crowning achievement. Hours before the Grand Opening ceremony, immediately before addressing the excited crowd, his communications director pulled him aside to tell him about the tragedy involving the alligator attack on a 2-year old. He refused to let them handle the situation and called the family directly himself …that’s something a great CEO does. Then he went out and “celebrated” Shanghai’s Grand Opening with the weight of that event on his mind. That’s what impresses me about him.

 

[sk!mom]

I am truly sorry for the families who were uprooted only to have the project cancelled. What a horrible experience.

Were families already uprooted for a project that was 3 years away from completion? That would be odd and not how these things typically work in my experience.

 

[BrianL]

I've never liked Iger from day one. He's a bean counter who never cared about the brand. IMO He chipped away until prices were so high and films so awful customers finally said no. His latest projects have done nothing to endear him to many long time fans.

I am truly sorry for the families who were uprooted only to have the project cancelled. What a horrible experience.

Ehh, Iger IS a bean-counter, but I think he does care aabout the brand. He's also smart enough to put smart people in positions and let them work. The studio was doing GREAT for a while there under Iger with Alan Horn and animation under Lasseter. They had hit after hit after hit. Things got off track without those two, and then under Chapek it just got dismal. Iger isn't perfect, but he is savvy and generally affable. Generally he's a good CEO.

 

[mousefan73]

I think the timing is just simply perfect but I think in the end it came down to the fact that it would be very hard to get creative talent to move to Central Florida and recruit new. The entertainment industry has two hubs, California (more) , and New York (less).

As much as one can claim, people are leaving California for Florida. I know many Californians that will never leave and they love their state I assume many of these imagineers feel the same way Also simply, for lifestyle, I mean central Florida is completely different than California. Half of my friends there are very active and are always mountain biking and hiking. Something central Florida doesn’t offer really. Unless you find hiking in hot and humid swamp land that has no incline fun.

Unfortunately, I also think that looking down the road, the new generations might actually decide where they want to live and work based on political environment. Maybe Disney also had this in mind Seeing that the entertainment industry leans more liberal you kind of have a problem there in Florida. I mean just coming down to the basics as a woman , do I wanna move to a market where down the road you might not be able to find an OB/GYN as some states are seeing exoduses.

 

[Starport Seven-Five]

I mean just coming down to the basics as a woman , do I wanna move to a market where down the road you might not be able to find an OB/GYN as some states are seeing exoduses.

People sometimes underestimate the impact legislation can have on quality/availability of services that we take for granted. I remember when Wisconsin cut the power of the teacher's union in 2011. I was living in Illinois close to the border and we had an influx of teachers from Wisconsin applying in our area. Pretty much had our pick to take the best away from the Wisconsin schools.

 

[mousefan73]

People sometimes underestimate the impact legislation can have on quality/availability of services that we take for granted. I remember when Wisconsin cut the power of the teacher's union in 2011. I was living in Illinois close to the border and we had an influx of teachers from Wisconsin applying in our area. Pretty much had our pick to take the best away from the Wisconsin schools.

interesting you mention Wisconsin. I was just recently reading that they’re sending many OB/GYN residents into Illinois for OB/GYN residency and training. And many are leaving their practices for other states.

 

[Minnesota!]

I think the timing is just simply perfect but I think in the end it came down to the fact that it would be very hard to get creative talent to move to Central Florida and recruit new. The entertainment industry has two hubs, California (more) , and New York (less).

As much as one can claim, people are leaving California for Florida. I know many Californians that will never leave and they love their state I assume many of these imagineers feel the same way Also simply, for lifestyle, I mean central Florida is completely different than California. Half of my friends there are very active and are always mountain biking and hiking. Something central Florida doesn’t offer really. Unless you find hiking in hot and humid swamp land that has no incline fun.

Unfortunately, I also think that looking down the road, the new generations might actually decide where they want to live and work based on political environment. Maybe Disney also had this in mind Seeing that the entertainment industry leans more liberal you kind of have a problem there in Florida. I mean just coming down to the basics as a woman , do I wanna move to a market where down the road you might not be able to find an OB/GYN as some states are seeing exoduses.

 

[longboard55]

Disney has offices on both coasts, I assume the people that moved will still be employed with Disney. They are obviously still working there now

 

[dvcgirl67]

I think the timing is just simply perfect but I think in the end it came down to the fact that it would be very hard to get creative talent to move to Central Florida and recruit new. The entertainment industry has two hubs, California (more) , and New York (less).

As much as one can claim, people are leaving California for Florida. I know many Californians that will never leave and they love their state I assume many of these imagineers feel the same way Also simply, for lifestyle, I mean central Florida is completely different than California. Half of my friends there are very active and are always mountain biking and hiking. Something central Florida doesn’t offer really. Unless you find hiking in hot and humid swamp land that has no incline fun.

Unfortunately, I also think that looking down the road, the new generations might actually decide where they want to live and work based on political environment. Maybe Disney also had this in mind Seeing that the entertainment industry leans more liberal you kind of have a problem there in Florida. I mean just coming down to the basics as a woman , do I wanna move to a market where down the road you might not be able to find an OB/GYN as some states are seeing exoduses.

I think this is on the money.....especially for creatives who don't live in the inland empire...etc. As with any state, there are super rural/different parts of any state where people no longer feel that they "fit in" with their state's "values". And there's a lot of that for sure with some parts of California. Even in tiny NJ, there are parts in the southern part of the state that give off big "Deliverance" vibes.

Personally, I'm pretty "anti-Florida" these days....not wanting to give any of my vacation dollars to the state...etc. But then I remember that *I* lived there myself for a few years and I listen to the DIS Podcast and that crew are all cool and so if I did have a trip to Disney planned (I don't)....I'd book through them to show some support.

And then sometimes...I just get tired of all of it....having to think of what to buy, who to support...etc. It's just exhausting at times. Example, we have a Tesla Y......and we're about 6 months into our second two year lease. I don't love supporting that particular CEO anymore....but I have to drive it for another 18 months. However, we did just have to replace our charging unit (still under warranty...yay) and they did allow us to pay $100 or so more for the Tesla charger that allows for charging of most other EVs. So...thanks for turning us on to EVs Elon...not sure I'll buy or lease another one of yours.

 

[bcla]

I think this is on the money.....especially for creatives who don't live in the inland empire...etc. As with any state, there are super rural/different parts of any state where people no longer feel that they "fit in" with their state's "values". And there's a lot of that for sure with some parts of California. Even in tiny NJ, there are parts in the southern part of the state that give off big "Deliverance" vibes.

Personally, I'm pretty "anti-Florida" these days....not wanting to give any of my vacation dollars to the state...etc. But then I remember that *I* lived there myself for a few years and I listen to the DIS Podcast and that crew are all cool and so if I did have a trip to Disney planned (I don't)....I'd book through them to show some support.

And then sometimes...I just get tired of all of it....having to think of what to buy, who to support...etc. It's just exhausting at times. Example, we have a Tesla Y......and we're about 6 months into our second two year lease. I don't love supporting that particular CEO anymore....but I have to drive it for another 18 months. However, we did just have to replace our charging unit (still under warranty...yay) and they did allow us to pay $100 or so more for the Tesla charger that allows for charging of most other EVs. So...thanks for turning us on to EVs Elon...not sure I'll buy or lease another one of yours.

A lot of this is "us vs them", or as someone mentioned tribalism. With this planned move, there were a lot of childish "neener neener" responses along with a sense of loss. I've seen this with all sorts of corporate moves where there can be all sorts of microagressions between the new home and the old home. I've definitely seen it on this forum with numerous petty insults about California and Florida. Some people just can't feel good about themselves without tearing someone else down.

 

[greeneyedchick]

I guess it's not likely to be able to repurchase a home that one recently sold.

And the big deal in California is Proposition 13 property tax stability. There's a strong incentive not to sell because a new home is likely to cost more and increase the assessed value. I've mentioned this in other topics. I remember checking the assessed value of a neighbor, which was maybe $30,000 because the house was last purchased in 1971 at the time I checked. The owner then sold for over $1 million and the new owner is paying on that assessed value. The ad valorem taxes are 30x more.

I'm surprised CA can do that. I used to live in NJ and the state law required mandatory assessments every few years (I think it was 7) to keep things fair for those who recently bought versus those who have lived there for 30 years. But I agree that that would make it difficult for those who have already moved. On the plus side, the housing market in FL, especially Lake Nona, is still hot. But sadly, as someone else said, the mortgage rates have gone up a lot which will hurt. Hopefully the people that moved either rented out their CA house or made a boat-load of money when they sold. I would sell my home in the Orlando area because the insurance rates are out-of-control (over $13,000 per year versus $4,000 when we moved here 4 years ago), but we have a super-low mortgage rate. It doesn't make sense to move until the rates come back down.

 

[bcla]

I'm surprised CA can do that. I used to live in NJ and the state law required mandatory assessments every few years (I think it was 7) to keep things fair for those who recently bought versus those who have lived there for 30 years. But I agree that that would make it difficult for those who have already moved. On the plus side, the housing market in FL, especially Lake Nona, is still hot. But sadly, as someone else said, the mortgage rates have gone up a lot which will hurt. Hopefully the people that moved either rented out their CA house or made a boat-load of money when they sold. I would sell my home in the Orlando area because the insurance rates are out-of-control (over $13,000 per year versus $4,000 when we moved here 4 years ago), but we have a super-low mortgage rate. It doesn't make sense to move until the rates come back down.

I've thought of that before. I owned a house in Silicon Valley that I bought when I work there and rented it out for years before selling it. Even when I went back to work in Silicon Valley, my roots weren't there any more and I still commuted from my home about an hour away.

 

[The Mayor]

A lot of this is "us vs them", or as someone mentioned tribalism. With this planned move, there were a lot of childish "neener neener" responses along with a sense of loss. I've seen this with all sorts of corporate moves where there can be all sorts of microagressions between the new home and the old home. I've definitely seen it on this forum with numerous petty insults about California and Florida. Some people just can't feel good about themselves without tearing someone else down.

Amen

 

[The Mayor]

I think this is on the money.....especially for creatives who don't live in the inland empire...etc. As with any state, there are super rural/different parts of any state where people no longer feel that they "fit in" with their state's "values". And there's a lot of that for sure with some parts of California. Even in tiny NJ, there are parts in the southern part of the state that give off big "Deliverance" vibes.

Personally, I'm pretty "anti-Florida" these days....not wanting to give any of my vacation dollars to the state...etc. But then I remember that *I* lived there myself for a few years and I listen to the DIS Podcast and that crew are all cool and so if I did have a trip to Disney planned (I don't)....I'd book through them to show some support.

And then sometimes...I just get tired of all of it....having to think of what to buy, who to support...etc. It's just exhausting at times. Example, we have a Tesla Y......and we're about 6 months into our second two year lease. I don't love supporting that particular CEO anymore....but I have to drive it for another 18 months. However, we did just have to replace our charging unit (still under warranty...yay) and they did allow us to pay $100 or so more for the Tesla charger that allows for charging of most other EVs. So...thanks for turning us on to EVs Elon...not sure I'll buy or lease another one of yours.

It would be exhausting for me to worry about who’s for what and who’s against that to dictate where I’d travel or what I buy. I go wherever I enjoy myself and leave the political BS behind.

I mean I could support Disney on this versus the Governor or vice versa and if I enjoy going to Disney or anyplace else in Florida then I’m going no matter what’s going on in the political spectrum.

 

[TLSnell1981]

During his initial 15-year stewardship of the company, Iger broadened Disney's roster of intellectual properties, expanded its presence in international markets, and oversaw an increase of the company's market capitalization from $48 billion to $257 billion. He led the major acquisitions of Pixar in 2006 for $7.4 billion, Marvel Entertainment in 2009 for $4 billion, Lucasfilm in 2012 for $4.06 billion, and the entertainment assets of 21st Century Fox in 2019 for $71.3 billion. Iger also expanded the company's theme park resorts presence in East Asia, with the introduction of Hong Kong Disneyland Resort and Shanghai Disney Resort in 2005 and 2016, respectively. Additionally, he was also the driving force behind the reinvigoration of Walt Disney Animation Studios, the branded-release strategy of its film studio's output, and the company's increased investment on its direct-to-consumer businesses, including Disney+ and Hulu.

How has he hurt the brand again?

Bottom line...first 10 years the stock price grew steadily. It has remained fairly steady from that point except for the pandemic blip. Weighing positives vs negatives...the last 10 years have left me underwhelmed. Plus I do NOT like the direction he is taking the company. I would prefer a truly more inclusive approach instead of scorched earth. Not popular on this board but I prefer peace over war. We need unity and togetherness...a kum ba yah moment. Hey but I'm just an old hippie at heart.

 

[longboard55]

The stock price is pretty much related to Disney +, too many star wars movies and they lost subs because of the end of the cricket contract in India. I think it is fixable.