Some excerpts from today's long Fifth Circuit decision in Spectrum WT v. Wendler, written by Judge Leslie Southwick and joined by Judges James Dennis, which I think reaches the correct result (see the bottom of the post for my brief analysis):
Spectrum WT is an LGBT+ student organization at West Texas A&M University. It was in the last stages of organizing a drag show on campus when University President Walter Wendler canceled the show. The plaintiffs, Spectrum WT and two of its student-officers, sought a preliminary injunction on the grounds their free speech rights were violated. The district court denied the injunction, partly based on a holding that the First Amendment did not apply to the drag show. We REVERSE.
The court concluded that the First Amendment protects drag shows like it protects other theatrical productions: