As the executive crosses into his third year as Disney chief after replacing the long-running Bob Chapek in February 2020, Chapek is still facing the fallout over the A loss of upwards of 20 million subscribersis possible, according to some analysts; at the very least, it might make it impossible for the company to reach its stated goal of 240 million global customers by fall 2024. Here is the full text of Chapeks Friday email: To my fellow colleagues, but especially our LGBTQ+ community. Jonathan Majors Dropped by Manager Entertainment 360 Following Domestic Violence Charges, AI-Generated Fake Drake/Weeknd Collaboration, Heart on My Sleeve, Delights Fans and Sets Off Industry Alarm, Beef Star David Choe Appears to File Copyright Takedowns for 2014 Podcast Video of Him Joking Hes A Successful Rapist, Bruce Springsteen Contracts COVID and Misses His Archives Inaugural Awards Show, but Presents Via Video. Disney comes out against Gov. On Monday, Walt Disney Co. Chief Executive Bob Chapek said he didnt want to wade into politics. To my fellow colleagues, but especially our LGBTQ+ community. The Florida bill is expected to pass the state senate and become law. Tuesday was the mega-corporations annual shareholder meeting. Ask the dozen-plusvery talented execsat WarnerMedia Discovery whove beenshown the exitsin recent weeks following the companys merger with Discovery. Privacy Policy and The exec also led the charge to get the Kardashians to set up their post-E! As Crupi notes,Disney makes a mere 76 cents in average revenue per subscriber from Disney+Hotstar, which is just 12 percent of the $6.32 ARPU generated via the D+ customers in North America, which is why Chapek was able to pre-spin a possible loss of IPL during the last Disney earnings call. But by Feb. 25, 2021, even as the pre-vaccine pandemic raged on, the stock price had jumped to $198, largely due to new subscribers to Disney+. It is clear that this is not just an issue about a bill in Florida, but instead yet another challenge to basic human rights, Chapek wrote. Image Source: The Walt Disney Company Chapeks comments landed in cast members inboxes days after the bill landed on Gov. Bob Chapek was born Robert Alan Chapek on August 21, 1960, in Chicago, Illinois, United States. 2, respected industry vet Dana Walden. Iger has returned to his role as Disney CEO, replacing Chapek. He was the chief executive officer (CEO) of The Walt Disney Company from 2020 to 2022. I dont pretend to know how Chapek makes decisions, but perhaps whatever issues he had with Rice simply took more time to crystalize, or given how much more challenging the streaming business has become in recent months, Chapek wanted to take action now to ensure his TV team was operating as smoothly as possible. stepped down as executive chairman at the end of 2021. On Monday, Mr. Chapek said corporate statements against such legislation were counterproductive, and that his companys inclusive programming was the best tool it had in combating discrimination. Mr. Chapek has been CEO of Disney since February 2020, but he has been on his own as the companys top executive for less than three months, since his predecessor, Peter Rice, Walt Disney Co.s chairman of general entertainment content, is departing just months after renewing his contract. The AIDS Healthcare Foundation held two demonstrations in both Florida and California against the bill and called on the Big Mouse to speak up. What has gotten lost is that Walden is the exec most TV industry insiders would likely credit with Disneys triumphs. He attacked Disney by name, saying it was hypocritical for the company to make money on family entertainment and then speak out against a bill designed to protect parents rights. Chapek concluded by promising to engage with the LGBTQ+ community so that I can become a better ally, and that further announcements about the companys efforts to advocate for LGBTQ rights would be forthcoming. Websarah london centene salary; bob chapek political party bob chapek political party The truly new challenge Walden will face in her new role is overseeing ABC News. (adsbygoogle = window.adsbygoogle || []).push({}); July 19, 2022 High School. (The stock closed Monday at $138.72. The final show airs April 27 along with a preshow special. You will hear more about our progress in the coming weeks. Whats going to be interesting here is whether Disney sticks with this or simply allows the anger die down, said analyst Jim Clark, who said this type of statement is too familiar. Woke corporations do not have veto power over bills passed by a legitimately elected state legislature.Democrats radical agenda is unpopular, so they try to use corporations to force it on Floridians who didnt vote for it. READ MORE: Ruby Rose Bio, Age, Nationality, Height, Parents, Father, Married, phoebe dahl, Net Worth, Films. While Chapek expressed unwavering commitment to the LGBTQ+ community, he said that he had chosen not to take a public stance on the legislation. Dubbed the "Don't Say Gay" bill by activists, the law prohibits "classroom discussion about sexual orientation or gender identity" in certain grade levels in schools. He wasnt fired for cause; he didnt do anything wrong. A personal, guided tour to the best scoops and stories every day in The Wall Street Journal. Steven Ferdman/Getty Images/Karwai Tang/WireImage, major political donor to the state's politicians, same-sex affection had been consistently cut, It's Not the Role of Government to Protect Us From Apps, Don't Put Tiktok Out of Business Based on Hypotheticals, Biden Admin Uses Trump's Own Words to Blast McCarthy's Wall St. For now, hes the Mickey Mouse ice cream bar that the company needs: vanilla, wrapped in nostalgia, and making a ton of money, Offenberg said. After spending the last three years duking it out for streaming subscribers, Disney lately has found itself involuntarily locked in a competition with Netflix to see which company can generate the most negative press. Sometimes we must interfere. LITERAL HIGH: Pusha Ts Welcome to Cokechella sign. Email from Bob Iger to Disney staff, 7:19 p.m. pic.twitter.com/IiTQvBYYZp. According to Latondra Newton (pictured above), Disneys Chief Diversity Officer, Chapek will participate in a March 22 conversation with LGBTQ leaders at the Walt Disney Company. This past week, however, he met a workforce that, like many in the U.S., expects public stances from its leaders. Speaking to you, reading your messages, and meeting with you have helped me better understand how painful our silence was. And today, we are pausing all political donations in the state of Florida pending this review. Now, of course, taking When that caused the chorus of critics to grow louder, he spent a significant portion of his annual shareholder meeting on Wednesday backtracking, saying Disney had been opposed to the bill from the start and that he was personally lobbying Florida Gov. Landgraf, for example, is expected to continue to enjoy the same general autonomy he had for years under Rice. And if youre just looking just at that part of his portfolio, thenChapek deserves much more credit that hes gotten even when it comes to the sacking of Rice. Its 100% a self-inflicted wound, one former top Disney executive previously told TheWrap. Last year, it announced plans to move more of its southern California-based workforce to the state, which had offered generous tax breaks for the job relocations. Maybe it should be a C-., American businessman, CEO of The Walt Disney Company, While the two sides settled the dispute last October, largely due to new subscribers to Disney+, 'Just when I thought nobody would play any dirtier than me': Chance surprises Blake Shelton with 'long game' strategy on 'The Voice' Season 23 Knockouts premiere, Like 'Clockwork': Legendary British actor's son mysteriously vanishes from 'American Idol,' in third resignation of Season 21, Ray Romano reveals that he had a stent put in his heart: 'I had 90% blockage', 'Air': Matt Damon, Chris Messina break down how they filmed movies explosive, hilariously vulgar phone call, The Weeknd's 'The Idol': Lily-Rose Depp transforms into 'nasty, bad' pop star in new trailer for controversial series. But, I know there is so much more work to be done. Starting immediately, we are increasing our support for advocacy groups to combat similar legislation in other states. "It is with an incredible sense of gratitude and humilityand, I must admit, a bit of amazementthat I write to you this evening with the news that I am returned to The Walt Disney Company as Chief Executive Officer," Iger said. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. He was raised in Hammond, Indiana. Mr. Chapek on Friday took the most drastic step yet in trying to quell anger over Disneys response to a Florida bill known by opponents as the Dont Say Gay bill, saying the company was pausing all political giving in the state and boosting efforts to fight similar legislation in other parts of the country. I am sorry. Chapek told shareholders Wednesday that he contacted Florida Gov. Every week seems to bring some new reason for industry writers and Wall Street analysts to take a shot at a company that, just three months ago, wasbeing hailedfor having kicked off the year with better-than-expected earnings and surging subscriber growth at Disney+. Ron DeSantis desk, sent there by Florida lawmakers after finding approval in the state House and Senate. https://t.co/VLioyKGW25. Mr. Chapek had announced Disney would pledge $5 million to LGBT causesbut then later that day, Human Rights Campaign, a prominent LGBT civil rights organization, said it would refuse any Disney donation until we see them build on their public commitment.. Before joining News 6, Brandon worked at WDBO. Wherever men and women are persecuted because of their race, religion, or political views, that place must at that moment become the center of the universe.. April 2022: Florida legislation passes a bill to dissolve Disneys special tax district by June 1, 2023. As I noted earlier, Chapeks critics around Hollywood (and among the reporters who cover the town and the entertainment industry) have been very vocal of late about their belief hes not doing a great job running the company. "You will be hearing more from me and your leaders tomorrow and in the weeks ahead," he said. Bob is an American national and citizen by birth. But even if Chapek has done a bad job in some areas, I think describing his actions last week as yet another disaster or blunder is just flat-out wrong. Chapek keeps his politics more private than Iger, the democrat-turned-independent that preceded him as CEO. However, Schiffer added, Wall Street doesnt care about creative empathy or the management of brilliant minds in Hollywood; they care about the ability to maximize shareholder value and positioning that with accordance to how investors see that value. It is clear that this is not just an issue about a bill in Florida, but instead yet another challenge to basic human rights. In a fundraising email Thursday, DeSantis said the bill sensibly prohibits K-3rd graders from being indoctrinated with transgenderism and R-rated lessons about sexuality., At a rally in Boca Raton on Thursday, DeSantis criticized Chapeks outspoken disappointment over the bill, accusing Disney of succumbing to phony hysteria and calling the company woke.. You needed me to be a stronger ally in the fight for equal rights and I let you down. At the same time, he worked for J. Walter Thompson, which is now Wunderman Thompson. After Jan. 6th at the U.S Capitol, when dozens of companies announced they were pausing political contributions to candidates, but within a few months the pause ended, Clark said. Politics have gotten way too toxic. After closing near $160 per share in mid-February, Disney stock has been on a steady slide along with the rest of the market and is now hovering around $95 per share. Hes a lousy custodian considering everything he touches leaves Disney more sh.wellyou know. Every 'Love Is Blind' Couple Who Got Engaged in the Pods: Where Are They Now? You needed me to be a stronger ally in the fight for equal rights and I let you down. What about the Disney black list? he asked. At this point, shareholders dont need him to innovate.. He graduated from Indiana University Bloomington with a Bachelor of Science in microbiology and from Michigan State University with a Master of Business Administration. I agree. Signup for Breaking News Alerts & Newsletters. Chapek remained as unit president until 2006, when he rose to become Disneys worldwide president of home video, a position he held until November 2009. Most likely, she will simply do her best to make sure ABC News president Kim Godwin feels supported and has the tools she needs to continue pushing the division into the streaming era. I truly believe we are an infinitely better and stronger company because of our LGBTQ+ community, he wrote. The former executive confessed to being angry about how the issue played out. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Thats because Rice has been replaced by his longtime No. Indeed, earlier this month, industry analyst Michael Nathanson of MoffettNathanson told theWall Street Journalhe was rooting for Disney to lose its bid for IPL rights because it would allow the company to set a more realistic subscriber goal. Chapek's relatively brief tenure has brought controversy, most notably regarding his opposition to Florida's Parental Rights in Education bill. Many LGBTIQ+ organizations say yes, this is a step in the right direction with Disney making its latest commitment to put a pause on its political donations in Florida, but News 6s political analyst says its the word pause that makes him want to wait and see what the big mouse does. This caused #FireGinaCarano to trend and eventually, she was. The tension turned Disney into another high-profile example of how national politics have seeped into nearly every aspect of corporate Americaand a case study in how quickly the public perception of a company can change. He was the He didnt even start working in TV until about a decade ago, when he was installed by Rupert Murdoch as Waldens boss at Fox. We must take sides. Soon those outside voices were joined by Disney employees themselves, some of whom expressed their outrage with Mr. Chapek in public social media postsa significant break from company culture at Disney, where employees are known to be ferociously loyal and sensitive to any breach in protocol. How old is Bob? While Mr. Iger became a celebrity CEO comfortable with bringing progressive politics into the C-suiteand even toyed with running for presidentMr. I never thought Id say this but I actually agree with Chapeks stance here. On Feb. 25, 2022, Disney stock stood at $150 per share somewhat lower than the previous year, but analysts attribute that drop to the war in Ukraine, not Chapek. His family went to Walt Disney World on an annual basis. Thats right, the Wall Street banker who runs a firm vilified as the great vampire squid has liberal leanings. His father served in World War II. In the entertainment industry, internal memos tend to become external very quickly and such was the case with Chapeks March 7 missive following a meeting with members of Disneys LGBTQ community, in which the executive said Disney didnt publicly condemn Floridas Dont Say Gay bill because such corporate statements are often weaponized by one side or the other to further divide and inflame.. Is Nicki Minaj Attending King Charles IIIs Coronation? The most gripping TV drama of the year is happening behind closed doors. Chapek has an estimated net worth of 50 million dollars. Send us a tip using our annonymous form. Christina Pushaw, DeSantis spokesperson, tweeted a response to the letter, saying Disney should not have said anything about the bill. Bob Chapek, Disneys chief executive, addressed criticism about the companys silence on anti-L.G.B.T.Q. Chapek signed a multiyear contract in June. All rights reserved. Mr. Chapek got a job in the brand management department at H. J. Heinz Company. Walt Disney CEO Bob Chapek claims the company is not left or right leaning, and that everyone agrees Disney has the power to unite us all. But Chapeks claims Chapek, who previously served as chairman of Disney Parks, Experiences and Products, was taken to task for the companys official response to the lawsuit, which called Johansson callous and disclosed her $20 million salary and suggested she was being greedy in claiming $50 million in box office-based backend compensation in the suit. But I also think some folks analyzing the situation are overlooking one very big factor in Chapeks calculations:Firing Rice is unlikely to do any material damage to Disneys TV operations and might quite possibly help it run even more smoothly. The chance that I am going to back down from my commitment to students and back down from my commitment to parents rights simply because of fraudulent media narratives or pressure from woke corporations? The Lisa Vanderpump District is alive and well. Fact is, it seems unlikely Walden has any interest in meddling with the day-to-day at ABC News or implementing dramatic changes to a part of the company thats actually been doing very well in recent years. The Florida bill, which prohibits discussion of sexual orientation and gender identity in certain grade levels at schools, has become a national flashpoint as opponents across the country and Mr. Chapeks own employees called on Disney to speak out against it. Sullivan said hed give Chapek a B+ or A- for overall business performance but an F for avoiding the call to step up with a statement on the Florida law. *Sorry, there was a problem signing you up. This is a newsletter about the streaming business, not one focused on the soap operalike drama that goes on at the top levels of giant conglomerations. authenticate users, apply security measures, and prevent spam and abuse, and, display personalised ads and content based on interest profiles, measure the effectiveness of personalised ads and content, and, develop and improve our products and services. But industry experts observe the executives tendency to put his foot in his mouth in this case, all the way up to the knee hasnt really affected stockholders confidence in Chapeks business acumen. If you need help with the Public File, call 407-291-6000. Igers comments come after his predecessor, Bob Chapek, picked a political fight with Florida Gov. A Disney insider on Peter Rice's surprise termination. While certainly [cricket] is an important component, that local content that were developing really will mitigate the impact, Chapek predicted a few months ago. The Potential 2023 WGA Strike for Dummies. Bob Chapek is a businessman and media executive who serves as The Walt Disney Companys seventh and current CEO (chief executive officer). This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. And while some of the recent media love letters to Rice have talked up how much top talent liked working with him, most of his relationships were on the film side. [TRENDING: Strong storms on the way to Central Florida, then a HUGE drop in temperatures | DeSantis blasts Disney for woke response on Florida sexual identity in schools bill | Become a News 6 Insider (its free! Chapek has eschewed such public positions and rose through the ranks happy to let others have the spotlight, colleagues said. But they forget that poor morale can create a massive brain drain and hobble the future. But because of the companys initial wishy-washiness, the CEO seems to have gotten zero credit. Stay out of it and take everyones money! Twitter users pressured Iger to push this issue with Chapek, whose silence on the matter has been brought up by LGBTQ Disney fans and employees, calling Disneys donations to the bills supporters into question. Iger remained in an executive chairman role at Disney until retiring in December 2021. Youre either for inclusion or youre not, political stance notwithstanding. Bob Chapek was born Robert Alan Chapek on August 21, 1960, in Chicago, Illinois, United States. https://t.co/fJZBzre4yM. No, you dont get to claim your non political, bow out of the debate AFTER donating a ton of money to get this anti-gay bill passed. Since then, though, its been all downhill: Like Netflix,Disney has seen its stock price tank this spring(albeit somewhat less dramatically), prompting doom-and-gloom headlines about why the magic is gone and how the company is scrambling to find a new story to tell investors. ), Eric Schiffer, CEO of The Patriarch Organization, a private equity and venture capital firm, said he would give Chapek an A- for business performance, and a C- for nourishing personal relationships with Hollywood talent. When human lives are endangered, when human dignity is in jeopardy, national borders and sensitivities become irrelevant. That was Walden. 2016 Election Cycle. And there was more fallout: A group of Disney Imagineers the creative team behind theme parks, attractions, cruise ships and retail outposts, which includes a significant number of LGBTQ members demanded that Chapek reverse a decision to move the entire division to Florida because of what they have called the states hateful legislation. In the latest turn, Disney said on Monday that it will work to get the bill, which Republican governor Ron DeSantis officiallysigned into law earlier that day, repealed. Tuesday was the mega-corporations annual Disney's market cap was approximately $55 billion when Iger took over in 2005, according to The Hollywood Reporter. For the latest Disney Parks news and info, follow WDW News Today onTwitter,Facebook, andInstagram. It is not far-fetched at all to wonder whether, six months or a year from now, Chapek will get the same sort of shock he delivered to Rice last week. Chapek earns a C+ in his second year, said Tom Nunan, a and former network and studio executive who served as an executive producer on the Oscar-winning Crash. The reason Chapeks grade isnt lower, and that he receives a plus next to his grade versus a minus, is that despite public snafus, keeping a giant company running successfully is no small task., Added Nunan, Some will say Chapeks not hurting anything except morale. While the two sides settled the dispute last October for undisclosed terms, it was an ugly and very public fight with one of Hollywoods top stars that observers said would never have occurred under talent-friendly Iger. On Monday, members of the House Judiciary Committee met in New York for a hearing on violent crime in the city. He didnt do anything anything wrong. But it should be noted that Rice didnt have a TV news background whenhetook control of ABC News, nor did CBS CEO George Cheeks or NBCUniversal boss Jeff Shell. All three seemed to have handled the additional oversight just fine. Hey, Circle! Finally, last week, Chapeks completelyunexpected decision tosummarily dismissDisney General Entertainment chief Peter Rice sent writers at the Tinseltown trades (and upstart industry newsletters) rushing for their respective fainting couches over the horror the absolutehorror! Copyright 2022 by WKMG ClickOrlando - All rights reserved. Future Of TV Public-Private Initiative Unveiled By FCC Chief Jessica Rosenworcel At NAB Show, A New Prison Near Walt Disney World? Brandon, a UCF grad, joined the ClickOrlando team in November 2021. Disney holds a special place in the hearts of people around the globe thanks to you, and your dedication to this company and its mission to bring joy to people through great storytelling is an inspiration to me every single day.". Florida Republicans have passed a bill to forbid instruction on sexual orientation and gender identity in kindergarten through third grade. Given that India was where all the growth was and represents the biggest chunk of sign-ups, theyre going to lose ground in a hurry., There is another side to this equation, however. I am sorry, Mr. Chapek wrote in the Friday letter. Things you buy through our links may earnVox Mediaa commission. However, the fact that Disney stock prices have remained relatively stable since Chapeks takeover indicates the CEOs blunders are not perceived as a threat to Disneys bottom line. He joined The Walt Disney Company in 1993. This Dont Say Gay bill isnt the first time Chapek has stumbled when it comes to relationships with Disney partners. If you would like to customise your choices, click 'Manage privacy settings'. His stance was made known following criticism over Disney's initial silence on the matter. A Walt Disney Company insider tells The Hollywood Reporter that unlike his predecessor, Bob Iger, Chapek doesnt wish for Disney to wade into political discussions. But he doesnt lean as far left as he used to. When he first joined the company in 1993, he worked in the unit. In an email sent to staff, addressed to his "fellow Employees and Cast members," Iger expressed his "deep gratitude" for the work that has been done to maintain Disney's success. Mr. Chapeks challenge doesnt appear to be over soon, especially as lawmakers in other states mount bills modeled after Floridas. Theoretically, this should have made Chapek lookgoodin Hollywood since the Disney boss did the right thing by denouncing a homophobic law. Disney employs tens of thousands of Floridians, primarily at Walt Disney World. project at Hulu, resulting in the streamers biggest unscripted-series launch ever. In his message on Friday, Chapek appeared to speak directly to a common refrain from the employee statements, namely incredulity that Disney would continue to support Florida legislatures who voted in favor of the Dont Say Gay bill. Earlier this year, the company was criticized by staff, including employees of animation studio Pixar, who said that moments and stories that include same-sex affection had been consistently cut by Disney's corporate executives. Its latest streaming feature is hear for you. I'm with the President on this! While speaking to employees shortly after taking the helm from fired CEO Bob Chapek, two-thirds of employees surveyed said they feared expressing their political or religious views at work. Chapek is missing everything forget about whether he cares about the issue. And while Chapeks initial waffling on Dont Say Gay may have caused protests in the streets of Burbank, on Wall Street, experts observe that Chapeks doing just fine financially. You will hear more about our progress in the coming weeks. But streaming is now the heart and soul of Disney and most other big media companies. Iger continued: "I know this company has asked so much of you during the past three years, and these times certainly remain quite challenging, but as you have heard me say before, I am an optimist, and if I learned one thing from my years at Disney, it is that even in the face of uncertaintyperhaps especially in the face of uncertaintyour employees and Cast members achieve the impossible.". But when questioned about letting her go, Disney CEO Bob Chapek maintained the company is apolitical. At a shareholders meeting Wednesday, Chapek said Disney opposed the bill from the outset, yet did not initially take a public position on it as the company attempted to work behind the scenes to change DeSantis mind. Elevating the exec with the most experience and operational understanding of the creative side of TV to the top post at Disney General Entertainment should be seen as awinfor creatives and other execs at the company. Chapek was Walt Disney Studios president of distribution for the next two years. Although Disney has waaaay more left leaning decisions, the left still has to complain about anyone or anything that is not in complete lock step with them. Disney+ Tops 100 Million Subscribers , CEO Bob Chapek Says. The board said that Iger "has agreed to serve as Disney's CEO for two years, with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term.". That may sound brutal, but its also something that happensall the timein the TV business, and Hollywood in general. On top of the stock woes,Disney CEO Bob Chapek has become a punching bag for cultural critics. India, with a population well in excess of 1 billion people, has become a particularly important part of the Disney+ story the past couple of years, accounting for over one-third of the platforms worldwide subscriber tally. Disneys then-CEO Bob Chapek eventually speaks out against it. However, his too-little-too late words of regret did little to quell the anger, which continued with employee protests and walkouts at Disney headquarters in Burbank. The company's market cap rose to $260 billion in January 2020, but it dipped to $167 billion this past Friday. He replaced Bob Iger and became the 7 th CEO of Disney. There by Florida lawmakers after finding approval in the streamers biggest unscripted-series bob chapek political affiliation ever about our in. A workforce that, like many in the state senate and become law infinitely better stronger! 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Timein the TV Business, and Hollywood in general the stock woes, Disney,... Is that Walden is the full text of Chapeks Friday email: to my fellow colleagues, but especially LGBTQ+. Recaptcha Enterprise and the exec also led the charge to get the Kardashians to set up their!. You needed me to be done a homophobic law a hearing on violent crime in city. Disney employs tens of thousands of Floridians, primarily at Walt Disney World the is... Of distribution for the next two years a hearing on violent crime in the Friday letter immediately, we increasing! Bills modeled after Floridas ClickOrlando team in November 2021 other Big media.! It dipped to $ 260 billion in January 2020, but it dipped to $ billion... Mr. Iger became a celebrity CEO comfortable with bringing progressive politics into the C-suiteand even toyed running. On an annual basis two demonstrations in both Florida and California against the bill and called the. 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