Company cited "new leadership and changing business conditions," a memo said.
Disney announced on Thursday that it canceled plans for a new campus near Orlando, Florida.
The development was planned for the Lake Nona region.
"Given the considerable changes that have occurred since the announcement of this project, including new leadership and changing business conditions, we have decided not to move forward with construction of the campus," Disney said in a statement.
People gather at the Magic Kingdom theme park before the "Festival of Fantasy" parade at Walt Disney World in Orlando, Fla., July 30, 2022.
Octavio Jones/Reuters, FILE
However, the company affirmed its commitment to additional expansion.
"We have plans to invest $17 billion and create 13,000 jobs over the next ten years," the memo said. "I hope we're able to do so."
This is a developing story. Please check back for updates.
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