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(Reuters) -Florida Governor Ron DeSantis on Monday signed a bill that asserts state oversight on the land surrounding Walt Disney (NYSE:DIS) World, dramatically changing a special tax district that for half a century allowed Walt Disney Co to operate with a high degree of autonomy.
“The corporate kingdom finally comes to an end,” DeSantis said during a press event at Lake Buena Vista in Orlando.
State Republicans last year targeted Disney after it publicly clashed with DeSantis, who is widely considered to be running for president in 2024, over a law that restricts classroom instruction of gender and sexual orientation, known by its opponents as the “Don’t Say Gay” measure.
In March, Disney’s then-chief executive officer, Bob Chapek, publicly voiced disappointment with the bill limiting LGBTQ discussion in schools, saying he called DeSantis to express concern about the legislation becoming law.
In a move political observers viewed as retaliation for Disney’s view on the “Don’t Say Gay” measure, Florida lawmakers this month passed a bill, which DeSantis signed into law, that authorizes the governor to appoint five supervisors to oversee traditional municipal services, such a fire protection, public utilities, waste collection and road maintenance in the region where Disney World operates.
Disney World is the largest employer in central Florida with close to 75,000 employees and drew 36.2 million visitors in 2021, according to the Themed Entertainment Association.
A spokesperson for Disney did not immediately respond to a request for comment.
Disney shares were up 1% on Monday.
