In April, lawmakers had given their final approval to a bill ending Walt Disney's designation as a self-governing entity, in an apparent response to its opposition to a state law limiting the teaching of LGBTQ issues in schools. The new law would also mean that Disney would have to pay more taxes, state governor Ron DeSantis had said in April when he signed the bill. The state lawmakers are working on a compromise that would allow Disney to keep the arrangement largely in place with a few modifications, the FT reported.
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When it comes to streaming companies, there are perhaps no bigger giants than Walt Disney (NYSE: DIS) and Netflix (NASDAQ: NFLX). Walt Disney has had some bumpy few weeks. The company recently reported fourth-quarter 2022 results that saw it miss analyst expectations, and its streaming operation -- which includes Disney+, Hulu, and ESPN+ -- recorded losses of $1.5 billion, more than twice as much for the same period in 2021.