Texas School Board to Dump Disney Stock
The Texas Board of Education voted Friday to sell its Walt Disney Co. stock following complaints from conservative groups about sex and violence in films produced by Disney’s Miramax Films, including “Pulp Fiction.”
The vote means $43 million in Disney stock, which is less than one-tenth of a percent of Disney’s shares, will be shed from the $17.65-billion Permanent School Fund.
The action comes after the American Family Assn. of Texas, which is involved in a Disney boycott, sent members of the Republican-dominated board a videotape of Miramax film excerpts, including scenes from “Pulp Fiction” and “Chasing Amy.”
Groups such as the Southern Baptists also have been boycotting Disney for a year because of its practice of extending health insurance to same-sex partners of employees and of having “Gay Days” at its amusement parks.
The Texas Board of Education voted 8 to 4 to dump the stock. Two of the 15 board members abstained and one was absent.
In response, Disney spokeswoman Claudia Peters said: “Investors should make their own decisions based on their own rationales and goals for their investment portfolios. We don’t comment on individual investment strategies.”
Disney shares showed no ill effects from the decision, rising $1.13 to close at $38.13 on the New York Stock Exchange.
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