2 CITIZENS UNITED v. FEDERAL ELECTION COMM’N Opinion of the Court ment may regulate corporate political speech through disclaimer and disclosure requirements, but it may not suppress that speech altogether. We turn to the case now before us. I A Citizens United is a nonprofit corporation. It brought this action in the United States District Court for the District of Columbia. A three-judge court later convened to hear the cause. The resulting judgment gives rise to this appeal. Citizens United has an annual budget of about $12 million. Most of its funds are from donations by individu als; but, in addition, it accepts a small portion of its funds from for-profit corporations. In January 2008, Citizens United released a film enti tled Hillary: The Movie. We refer to the film as Hillary. It is a 90-minute documentary about then-Senator Hillary Clinton, who was a candidate in the Democratic Party’s 2008 Presidential primary elections. Hillary mentions Senator Clinton by name and depicts interviews with political commentators and other persons, most of them quite critical of Senator Clinton. Hillary was released in theaters and on DVD, but Citizens United wanted to increase distribution by making it available through video on-demand. Video-on-demand allows digital cable subscribers to select programming from various menus, including mov ies, television shows, sports, news, and music. The viewer can watch the program at any time and can elect to re wind or pause the program. In December 2007, a cable company offered, for a payment of $1.2 million, to make Hillary available on a video-on-demand channel called “Elections ’08.” App. 255a–257a. Some video-on-demand services require viewers to pay a small fee to view a se

Select target paragraph3