Townhall Reports: In an unsurprising development for sane Americans, another major company is admitting that woke ESG — environmental, social and governance — policies are bad for its bottom line. As it turns out, going woke does in fact correlate with going broke, and this time, it's Disney making the uncomfortable realization that putting virtue signaling to intolerant leftists ahead of turning a profit was a mistake. 

Disney's stock has had a rough go in recent years due to a series of missteps — which weren't necessarily accidental — that saw the legendary American brand run afoul of Americans' values and priorities. Over the last five years, Disney shares are down nearly 17 percent while indexes such as the Dow Jones moved up some 38 percent during the same timeframe. 

Straight from Mickey's proverbial mouth, here's why Disney, in part at least, said it's struggling in a recent filing with the Securities and Exchange Commission (SEC). Explaining under the "risk assessment" header, Disney admitted that "Environmental, social and governance [ESG] matters and any related reporting obligations may impact our businesses."

More from Disney's SEC filing explains the issue (emphasis added):

...our revenues and profitability are adversely impacted when our entertainment offerings and products, as well as our methods to make our offerings and products available to consumers, do not achieve sufficient consumer acceptance. Further, consumers’ perceptions of our position on matters of public interest, including our efforts to achieve certain of our environmental and social goals, often differ widely and present risks to our reputation and brands. Consumer tastes and preferences impact, among other items, revenue from advertising sales (which are based in part on ratings for the programs in which advertisements air), affiliate fees, subscription fees, theatrical film receipts, the license of rights to other distributors, theme park admissions, hotel room charges and merchandise, food and beverage sales, sales of licensed consumer products or sales of our other consumer products and services.