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| Disney does whatever to catch the Chinese Market |
Bob Iger, Disney's returned CEO, is one of China's best friends. Iger, has been sitting on the Disney throne for less than three months but has already worked his censorship of content in favor of China.
For example, a recent episode of 'The Simpsons', which criticizes China's human rights abuses never aired on Disney+ in Hong Kong which was a kow-tow to Chinese censors.
Yet, Disney decided to not release 'Thor' or 'Lightyear' in other Asian markets rather than give in to pressure from censors over those films' LGBTQ characters.
Iger, who once told associates that he was considering a "diplomatic post" in China for the Biden Administration and was the main driver in opening Disney theme parks in Shanghai and Hong Kong. Iger, unfortunately, is a real friend to the Chinese Communist Party.
It's all about money and nothing about patriotism for Iger. The Chinese adage, "the U.S. will hang itself, and we'll sell them the rope" could not be truer in Disney's case.
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| Iger and Xi Jinping, Head of CCP |
Why U.S. business executives see the need to placate to the CCP is getting to a point where 'collusion with the enemy' is warranted. Feeding the dragon isn't in the best interests of the U.S. but the CCP knows that the adage is correct. They know they can use our businesses' greed needs to leverage their capitulation - and Iger is the poster child for this.
There isn't a CCP apple Iger won't polish or a boot he won't lick to get Disney's debt laden balance sheet in order. At the end of 2022 Disney's debt totaled $104 billion of which $75 billion was long-term. It lost more than $120 billion in market cap last year. Since Iger took over just three months ago, Disney as cut employment by 7,000 people.
CMG believes that Iger/Disney runs a big PR risk in chasing yuan. Most Americans and the Biden Admin. are less and less comfortable with companies' doing business with China and the fallout will come. So, beware Bob Iger.
Cinema Mucho Gusto is a blog provided by Entertainment Equipment Corporation
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