Podcasts > PBD Podcast > Disney's Downfall, Woke Hollywood, and Cancel Culture w/ Gina Carano | PBD Podcast | Ep. 371

Disney's Downfall, Woke Hollywood, and Cancel Culture w/ Gina Carano | PBD Podcast | Ep. 371

By Patrick Bet-David

Dive into the controversial PBD Podcast episode where host Patrick Bet-David engages in a compelling dialogue with Gina Carano, Vincent Oshana, and Thomas Ellsworth, exploring the intersection of entertainment and activism. Get an inside look as Carano, the former Mandalorian star, recounts her firing from Lucasfilm/Disney due to her outspoken social media presence, which culminated in a tweet comparing societal polarization to the events of the Holocaust. This episode delves into the complexities of free expression in Hollywood and the consequences faced by Carano, who refused to curb her online rhetoric despite company pressures, ultimately leading to a fallout that rippled across the industry with co-stars publicly supporting her.

The PBD Podcast further examines Gina Carano's ensuing lawsuit against Disney, covering the intricacies of her legal battle and the broader cultural implications. With Elon Musk's indirect financial backing, her fight against the media giant isn't just for personal vindication but aims to challenge corporate practices and advocate for change. The episode also casts a critical eye on Disney's current tribulations, from significant market cap shrinkage to leadership crises, shareholder unease, and internal criticism towards creative directions. Through this in-depth conversation, the PBD Podcast illustrates a corporation at a crossroads and an individual's stance against the tides of 'cancel culture.'

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Disney's Downfall, Woke Hollywood, and Cancel Culture w/ Gina Carano | PBD Podcast | Ep. 371

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Disney's Downfall, Woke Hollywood, and Cancel Culture w/ Gina Carano | PBD Podcast | Ep. 371

1-Page Summary

Key Topic 1: Gina Carano's Firing from Lucasfilm/Disney

Gina Carano's firing from Lucasfilm/Disney triggered extensive debate, primarily due to her social media activities. In 2020, Carano began expressing her concerns over lockdown enforcement inconsistencies on social media, sympathizing with struggling small businesses during the protests. Her change of heart from initial support of COVID precautions and the Black Lives Matter movement was significant as she began advocating for the reopening of businesses. Carano's controversial tweet, comparing current societal polarization to the events leading up to the Holocaust, is cited as the precipitating factor for her firing. Despite Lucasfilm's requests for her to modify her social media behavior, including unfollowing certain YouTube critics and altering her posts, Carano maintained her stance on free speech.

Her subsequent firing was not communicated to her directly by Disney; instead, she learned of it through other means. A statement from Lucasfilm labeled her posts as "abhorrent and unacceptable," raising questions about who at Disney sanctioned this statement. After her firing, support emerged from co-stars such as Bill Burr, Pedro Pascal, and Carl Weathers, who indicated disagreement with her termination.

Key Topic 2: Gina's Lawsuit Against Disney

Gina Carano's lawsuit against Disney has gained attention, especially with Elon Musk's indirect role in funding it through an entity previously related to him. Carano's legal battle focuses on uncovering those responsible for deciding her contract termination and who authorized the public statement. Through the lawsuit, Carano is intent on uncovering the decision-making details and aiming to spur change within Disney's treatment of employees. By shedding light on internal practices, she hopes to reach a legal resolution, seeking a minimum of $75,000 in damages and expressing a desire to return to her former role.

Key Topic 3: Problems at Disney Currently

Disney is grappling with severe financial issues and leadership challenges. The company's market cap has significantly decreased from $341 billion to $201 billion since Carano's firing. This downward trend is concerning for investors, given Disney's 41% stock value drop over three years. Attempts to reverse the decline, including a dividend increase and a share buyback plan, have not alleviated shareholder worries, especially in the absence of reassuring financial results. Disney's forward-looking $60 billion investment in parks and cruises also meets skepticism given the recent performance.

Investor confidence in Disney's leadership is eroding with criticisms aimed at the company's entertainment direction and the handling of grievances from heavyweight investors. The resistance to board nominations from investors like the Trion Group and the Blackwells hints at a leadership averse to change, even as key figures like Sean Bailey depart. Former executives like Jay Rosullo openly criticize Disney's lack of strategy, accusing the board of disregarding the traditional family customer base and placating shareholders with financial maneuvers rather than substantial transformation. Critics also question the leadership's handling of internal creatives, pointing to Kathleen Kennedy's controversial creative direction as a cause for concern.

1-Page Summary

Additional Materials

Clarifications

  • Gina Carano faced backlash for her social media posts expressing skepticism towards COVID precautions and supporting the reopening of businesses during the pandemic. Her tweet comparing societal divisions to the events before the Holocaust was widely criticized and led to her firing from Lucasfilm/Disney. Despite being asked to adjust her social media behavior, Carano maintained her stance on free speech, which ultimately resulted in her contract termination.
  • Gina Carano's lawsuit against Disney focuses on her contract termination and aims to uncover the decision-makers behind it. She seeks to clarify who authorized the public statement regarding her firing. Carano is pursuing legal action to bring transparency to Disney's internal practices and potentially secure damages. The lawsuit also expresses her desire to return to her former role within the company.
  • Disney's market capitalization, which represents the total value of a company's outstanding shares, decreased significantly from $341 billion to $201 billion following Gina Carano's firing. This decline in market cap reflects a drop in investor confidence and can impact the company's overall financial health. Disney's stock value also experienced a notable 41% decrease over three years, indicating challenges in maintaining shareholder trust and financial performance. Despite efforts such as dividend increases and share buyback plans, Disney continues to face skepticism from investors regarding its financial outlook and strategic direction.
  • Critics have raised concerns about Disney's leadership, citing issues with the company's entertainment direction and handling of grievances from heavyweight investors. Some investors have resisted board nominations, indicating a reluctance to embrace change within the leadership. Former executives have criticized Disney for lacking a clear strategy and failing to cater to its traditional family customer base. Additionally, there are criticisms about the handling of internal creatives, with some pointing to controversies surrounding Kathleen Kennedy's creative decisions as a cause for concern.

Counterarguments

  • Gina Carano's social media posts, while controversial, can be seen as an exercise of her freedom of speech, and her firing could be argued as a suppression of her personal views.
  • The enforcement of lockdowns was a complex issue, and Carano's advocacy for reopening businesses reflects a legitimate concern for the economic impact on small business owners and workers.
  • Carano's comparison in her tweet, though considered offensive by many, could be argued as a hyperbolic expression meant to highlight concerns about societal division rather than a direct comparison to the Holocaust.
  • The indirect manner of Carano's firing could be criticized as unprofessional or lacking in transparency.
  • The support from Carano's co-stars suggests that within the industry, there may be a diversity of opinions on the appropriateness of her firing.
  • The lawsuit against Disney could be seen as an effort to hold a large corporation accountable for its actions and decisions regarding employee relations.
  • Disney's financial challenges and market cap decline could be attributed to broader industry trends, the impact of the COVID-19 pandemic, or other strategic decisions unrelated to Carano's firing.
  • Criticisms of Disney's leadership and creative direction may overlook successful projects and initiatives that have been well-received by audiences and contributed positively to the company's reputation and finances.
  • Resistance to board nominations and leadership changes could be seen as a prudent defense of a successful corporate strategy and an attempt to maintain stability within the company.
  • Former executives' criticisms might not fully account for the complexities of managing a large and diverse entertainment company like Disney, which must balance traditional values with evolving audience expectations and market demands.

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Disney's Downfall, Woke Hollywood, and Cancel Culture w/ Gina Carano | PBD Podcast | Ep. 371

Key Topic 1: Gina Carano's Firing from Lucasfilm/Disney

Gina Carano's termination from Lucasfilm/Disney was a result of a series of events predominantly centered around her social media activity.

Events leading up to her firing

In 2020, Carano began to express her concerns on social media regarding the inconsistencies she observed in the enforcement of lockdowns, empathizing with small businesses suffering during this time. Particularly during the protests that year, she was critical of the lack of enforcement of COVID-19 guidelines against large protests, while small businesses faced restrictions.

Her social media posts voicing concerns about lockdowns and protests in 2020

Carano was initially supportive of COVID precautions and the Black Lives Matter movement, posting a black square on Instagram. However, her perspective changed as she sympathized with small businesses impacted during the protests, and she even advocated for the reopening of businesses. Carano mentioned on social media that if people could protest, then they should also be able to open up their businesses.

It was her controversial tweet comparing the current societal polarization to the demonization preceding the Holocaust that Carano cites as the final factor leading to her firing. In the tweet, she intended to express concern over the treatment of people based on political views and the dangerous path of demonizing neighbors.

Lucasfilm's requests for Carano to modify her social media behavior included asking her to unfollow certain YouTube critics critical of the new Star Wars movies and Disney, as well as to change her posts. Despite the pressure, Carano chose not to comply with these requests, citing her freedom on social media and disagreeing with the company's characterization of the YouTubers as problematic.

Details around her firing

Her controversial tweet comparing polarization today to demonization before the Holocaust

Carano's tweet about the demonization and polarization in society being comparably dangerous to that faced by Jews before the Holocaust created backlash which she did not anticipate. She clarified that her intention was not to belittle the Holocaust but to caution against how demonization of political views could lead to a "bad place."

The statement from Lucasfilm calling her posts "abhor ...

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Key Topic 1: Gina Carano's Firing from Lucasfilm/Disney

Additional Materials

Clarifications

  • Gina Carano is an actress and former mixed martial artist known for her roles in films like "Haywire" and "Deadpool." She gained fame for her skills in MMA before transitioning to acting. Carano's casting in the Star Wars series "The Mandalorian" marked a significant point in her acting career. Her outspoken views on social media have often sparked controversy and led to her eventual firing from Lucasfilm/Disney.
  • Carano's controversial social media post that led to her firing compared societal polarization to the demonization before the Holocaust, expressing concern over the treatment of people based on political views. This tweet received significant backlash, with many interpreting it as insensitive and inappropriate. Despite Carano's clarification that her intention was to caution against demonizing political views, the post was deemed as a key factor in her termination from Lucasfilm/Disney.
  • Carano was asked by Lucasfilm to modify her social media behavior, including unfollowing certain YouTube critics critical of Star Wars and Disney, and altering her posts. These requests were made to align her public statements with the company's image and va ...

Counterarguments

  • Lucasfilm/Disney may have had a responsibility to uphold certain standards and values, and Carano's posts could have been perceived as not aligning with those values.
  • The enforcement of COVID-19 guidelines during protests versus businesses is a complex issue, and there may be public health reasons for the differences in enforcement.
  • The comparison of modern-day political polarization to the events preceding the Holocaust could be seen as insensitive or trivializing the experiences of Holocaust victims and survivors.
  • Companies often have social media policies, and Carano's refusal to comply with Lucasfilm's requests could be viewed as a breach of contract or company policy.
  • Lucasfilm's statement about Carano's posts being "abhorrent and unacceptable" could be seen as a company taking a stand on issues it deems important for its public image and i ...

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Disney's Downfall, Woke Hollywood, and Cancel Culture w/ Gina Carano | PBD Podcast | Ep. 371

Key Topic 2: Gina's Lawsuit Against Disney

Concerning Gina Carano's legal action against Disney, the involvement of Elon Musk and the objectives of the lawsuit are prominent aspects of the discourse.

Subtopic: Elon Musk's involvement funding the lawsuit

Elon Musk's indirect support for Gina Carano has brought a significant turn of events in her legal battle against Disney. An entity once related to Musk has been funding Carano's lawsuit, which she has expressed helps alleviate the sense of shame tied to her firing.

Subtopic: Goals of the lawsuit

Subsubtopics:

Gina Carano, through her lawsuit, seeks to engage in a comprehensive legal discovery process to uncover the specific individuals at Lucasfilm who were involved in the decision to sever her relationship with the company and to authorize the public statement regarding her termination. Ellsworth points out that legal proceedings may bring to light internal communications pertinent to Carano’s ...

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Key Topic 2: Gina's Lawsuit Against Disney

Additional Materials

Clarifications

  • Elon Musk's indirect support for Gina Carano's lawsuit involves an entity connected to Musk providing financial backing for her legal battle against Disney. This support has played a significant role in aiding Carano's efforts to challenge her firing and seek justice through legal means. The involvement of this entity related to Musk has added a layer of complexity and intrigue to the situation, highlighting the intersection of celebrity influence and legal proceedings.
  • A legal discovery process involves the exchange of information and evidence between parties in a lawsuit. It allows each side to gather facts, documents, and other relevant materials to prepare their case. This process can include requests for documents, interrogatories (written questions), depositions (oral testimony under oath), and more. The goal is to ensure transparency and fairness in legal proceedings by allowing both parties to access the necessary information to support their clai ...

Counterarguments

  • The involvement of a third-party financier like an entity related to Elon Musk could be seen as complicating the legal narrative and potentially introducing bias or a conflict of interest.
  • The goal of uncovering decision-making details through legal proceedings may not necessarily lead to the transparency Carano desires, as companies often have the right to make employment decisions privately.
  • While the lawsuit may aim to improve Disney's treatment of employees, it is possible that the outcome may not have a significant impact on corporate policies or practices.
  • Seeking to be recast in a former role as part of a lawsuit's resolutio ...

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Disney's Downfall, Woke Hollywood, and Cancel Culture w/ Gina Carano | PBD Podcast | Ep. 371

Key Topic 3: Problems at Disney Currently

Financial issues and leadership challenges pose significant problems for Disney, leading to shareholder concerns and criticisms.

Financial struggles and stock price drops

Disney is currently facing severe financial struggles. From its peak valuation of $341 billion around the time of Gina Carano's firing in February 2021, Disney's market cap plummeted to $201 billion. This dramatic loss of $140 billion reflects the depth of their financial woes. Thomas Ellsworth highlights that investors who bought Disney stock five years ago are now facing a 5% loss, while Patrick Bet-David shares that Disney has accumulated roughly a billion dollars in losses from flops in 2023 alone.

Over the past three years, Disney's stock value has dropped by 41%, which is alarming for investors who have seen a significant decrease in their assets' value. In an attempt to combat this, Disney is planning financial recovery strategies, including raising their dividend by 50% and buying back $3 billion of shares in hopes of boosting share value. Despite these measures, concerns persist, as there were no significant updates about box office results to generate excitement around Disney's financial performance.

Disney has ambitious plans for a $60 billion investment over the next decade in theme parks and cruise ships. However, the absence of strategies addressing their movie flops and losses in the shareholder letter, as well as the general lack of positive financial news, casts doubts on the efficacy of these future projects.

Leadership issues being called out by investors

Investor confidence in Disney's leadership is waning, as evidenced by pointed criticisms regarding the company's entertainment direction. Heavyweight investors like the Trion Group with Nelson Pels and the Blackwells have gone so far as to propose nominating their own candidates to Disney's board of directors. However, Disney's board has rebuffed these suggestions, labeling the nominees as unqualified and arguing they would not aid in value creation for the company.

The departure of Sean Bailey, who had overseen live-action movies for Disney, hints at possible changes in leadership and strategy, amidst growing discontent about Disney's future direction. Investors and former executives, including Jay Rosullo, a ...

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Key Topic 3: Problems at Disney Currently

Additional Materials

Clarifications

  • Thomas Ellsworth and Patrick Bet-David are commentators and analysts known for their insights on business and finance. They often share their perspectives on companies' financial performance, market trends, and investment strategies through various media channels. Their opinions and analyses can influence investor sentiment and provide valuable perspectives on the business landscape.
  • Sean Bailey was a key figure at Disney, overseeing the production of live-action movies for the company. His role involved leading the creative direction and development of live-action films within Disney's entertainment portfolio. Bailey's departure from Disney suggests potential shifts in leadership and strategy within the company. His exit may indicate changes in how Disney approaches its live-action movie projects and overall entertainment direction.
  • Jay Rosullo is a former executive at Disney who has openly criticized the company's strategies and leadership decisions. His comments suggest dissatisfaction with Disney's current direction and a belief that changes are needed for the company's future success. Rosullo's viewpoints align with other investors and executives who have raised concerns about Disney's leadership and its ability to connect with its core audience. His criticisms add to the growing discontent surrounding Disney's management and strategic decisions.
  • Kathleen Kennedy i ...

Counterarguments

  • Disney's market cap fluctuation could be attributed to broader market trends and not solely to company-specific issues.
  • A 5% loss over five years may not fully capture the dividends and total shareholder return, which could mitigate the perceived loss.
  • The billion-dollar losses from flops in 2023 could be offset by successes in other areas of the company, such as streaming or theme parks.
  • The 41% drop in stock value may be in line with or better than industry peers, considering external economic factors affecting the entertainment industry.
  • Raising dividends and share buybacks are standard corporate strategies to return value to shareholders and can be effective in certain circumstances.
  • The lack of significant updates about box office results may be due to strategic timing or other marketing considerations.
  • The $60 billion investment in theme parks and cruise ships could be based on long-term strategic planning that anticipates future profitability and customer demand.
  • Investor confidence in leadership can be subjective, and the current leadership may have a strategic vision that is not yet apparent to external parties.
  • The board's rejection of new nominees could be based on a thorough assessment of the candidates' qualifications and the company's needs.
  • Leadership changes, such as the departure of Sean Bailey, could be part of a natural executive turnover and not necessarily indicative of deeper issues.
  • Criticism from investors and former executives may not refl ...

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