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    Company Structure and Operations

    • 🏢 The company is broken down into two corporate verticals: Parks, Experiences and Products, and Media and Entertainment.
    • 🎬 The Media and Entertainment arm handles content creation through its seven studios, including Disney Pictures, Pixar, and Marvel.
    • 📈 Disney operates on narrow margins, with a pre-tax profit of $5.3 billion in 2022, and its revenue from theatrical releases contributes to less than 5% of the company's top line.
    • 📊 The company uses Hollywood accounting to reduce its taxable profit, which allows it to depreciate patents and designs as operating expenses.
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      Disney's True Business

      Legal Team and Lobbying

      • 🚀 Disney's legal team is one of the most effective in Washington, with the company spending $46 million on lobbying between 2010 and 2021.
      • 📜 The company has successfully expanded copyright protections twice, in 1976 and 1998, which has increased the value of its intellectual property portfolio.
      • 💼 Disney's top lawyer, Horatio Gutierrez, is on track to be one of the highest-paid lawyers in the US, with a potential salary of over $21 million.

      Intellectual Property and Acquisitions

      • 🤝 Disney has acquired several companies, including Lucasfilm, Marvel, and 21st Century Fox, to expand its intellectual property portfolio.
      • 📈 The company's acquisitions have allowed it to create a legal monopoly on its works, with copyright protections lasting up to 120 years.
      • 📊 Disney's revenue from licensing its intellectual property, such as toys and theme park tickets, is a significant contributor to its top line.
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        Disney's True Business

        Reedy Creek and Self-Governance

        • 🏞️ Disney's largest park, Disney World, is located in the Reedy Creek Special Administrative District, which is a municipality controlled by the company.
        • 🚫 The district was dissolved after a legal battle with the state of Florida, but Disney is trying to get it back by having the law repealed.
        • 📊 The loss of self-governance is expected to cost local taxpayers an additional $163 million per year to maintain public services.
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