A council that oversees land development at Disney's Florida theme parks approved a 15-year deal with the entertainment giant, US media reported Wednesday, after both sides agreed in March to settle a contentious legal dispute.

As part of the agreement, approved unanimously according to CNN, Disney will invest up to $17 billion over the next 10-20 years to develop its massive Orlando-area resorts and theme parks.

The agreement also envisions the creation of a fifth "major" Disney theme park in the area, as well as two "minor" ones.

Disney and the council announced in late March that they had agreed to settle pending lawsuits and work towards such an agreement.

The legal battles began after Florida's Republican-controlled legislature revoked a unique arrangement that allowed Disney -- the state's largest private employer -- to control land development in the area where its parks are located.

The move was widely viewed as retaliation for Disney voicing opposition to Republican Governor Ron DeSantis's so-called "Don't Say Gay" bill, which aimed to outlaw teachings of certain LGBTQ issues in schools.

Disney for decades had selected its own representatives to govern some aspects of the area, but the legislature replaced that body with the Central Florida Tourism Oversight District board.

The DeSantis-appointed panel took over management of the land hosting the Walt Disney World Resort in 2023. 

Disney employs tens of thousands of staff at its theme park and headquarters in the Orlando area.