The Walt Disney Company
Disney redirects here. For other uses, see Disney
(disambiguation).
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The Walt Disney Company, commonly known as Dis-
ney, is an American diversied[2]:1 multinational mass
media and entertainment conglomerate, headquartered at
the Walt Disney Studios in Burbank, California. It is the
worlds second largest media conglomerate in terms of
revenue, after Comcast.[4] Disney was founded on Oc-
tober 16, 1923 by brothers Walt Disney and Roy O.
Disney as the Disney Brothers Cartoon Studio, and
established itself as a leader in the American animation
industry before diversifying into live-action lm produc-
tion, television, and theme parks. The company also op-
erated under the names The Walt Disney Studio and
then Walt Disney Productions. Taking on its current
name in 1986, it expanded its existing operations and also
started divisions focused upon theater, radio, music, pub-
lishing, and online media.
In addition, Disney has since created corporate divisions
in order to market more mature content than is typically
associated with its agship family-oriented brands. The
company is best known for the products of its lm studio,
Walt Disney Studios, which is today one of the largest and
best-known studios in American cinema. Disneys other
three main divisions are Walt Disney Parks and Resorts,
Disney Media Networks, and Disney Consumer Prod-
ucts and Interactive Media.[5] Disney also owns and oper-
ates the ABC broadcast television network; cable televi-
sion networks such as Disney Channel, ESPN, A+E Net-
works, and Freeform; publishing, merchandising, music,
and theatre divisions; and owns and licenses 14 theme
parks around the world. The company has been a com-
ponent of the Dow Jones Industrial Average since May 6,
1991. Mickey Mouse, an early and well-known cartoon
creation of the company, is a primary symbol and mascot
for Disney.
1 Corporate history
See also: Timeline of The Walt Disney Company
1
The building in the Los Angeles neighborhood of Los Feliz which
was home to the studio from 1923 to 1926[6]
1.1 19191928: The silent era
In early 1923, Kansas City, Missouri, animator Walt
Disney created a short lm entitled Alices Wonderland,
which featured child actress Virginia Davis interacting
with animated characters. After the bankruptcy in 1923
of his previous rm, Laugh-O-Gram Studios,[ChWDC 1]
Disney moved to Hollywood to join his brother, Roy O.
Disney. Film distributor Margaret J. Winkler of M.J.
Winkler Productions contacted Disney with plans to dis-
tribute a whole series of Alice Comedies purchased for
$1,500 per reel with Disney as a production partner. Walt
and Roy Disney formed Disney Brothers Cartoon Stu-
dio that same year. More animated lms followed af-
ter Alice.[7] In January 1926, with the completion of
the Disney studio on Hyperion Street, the Disney Broth-
ers Studios name was changed to the Walt Disney Stu-
dio.[ChWDC 2]
After the demise of the Alice comedies, Disney devel-
oped an all-cartoon series starring his rst original char-
acter, Oswald the Lucky Rabbit,[7] which was distributed
by Winkler Pictures through Universal Pictures.[ChWDC 2]
The distributor owned Oswald, so Disney only made
a few hundred dollars.[7] Disney completed 26 Oswald
shorts before losing the contract in February 1928, due
to a legal loophole, when Winklers husband Charles
Mintz took over their distribution company. After fail-
ing to take over the Disney Studio, Mintz hired away
four of Disneys primary animators (the exception be-
ing Ub Iwerks) to start his own animation studio, Snappy
Comedies.[ChWDC 3]
2 1 CORPORATE HISTORY

1.2 192834: Mickey Mouse and Silly Sym- phonies distributor in August 1929. In September 1929,
phonies theater manager Harry Woodin requested permission to
start a Mickey Mouse Club which Walt approved. In
November, test comics strips were sent to King Features,
who requested additional samples to show to the pub-
lisher, William Randolph Hearst. On December 16, the
Walt Disney Studios partnership was reorganized as a
corporation with the name of Walt Disney Productions,
Limited with a merchandising division, Walt Disney
Enterprises, and two subsidiaries, Disney Film Record-
ing Company, Limited and Liled Realty and Investment
Company for real estate holdings. Walt and his wife held
60% (6,000 shares) and Roy owned 40% of WD Pro-
ductions. On December 30, King Features signed its
rst newspaper, New York Mirror, to publish the Mickey
Mouse comic strip with Walts permission.[ChWDC 4]
In 1932, Disney signed an exclusive contract with
Technicolor (through the end of 1935) to produce car-
toons in color, beginning with Flowers and Trees (1932).
Disney released cartoons through Powers Celebrity Pic-
tures (19281930), Columbia Pictures (19301932), and
United Artists (19321937).[9] The popularity of the
Mickey Mouse series allowed Disney to plan for his rst
feature-length animation.[7]
The feature lm, Walt Before Mickey based on the book
by Diane Disney Miller featured these moments in the
studios history.[10]

Original poster for Flowers and Trees (1932).

1.3 193445: Snow White and the Seven
In 1928, to recover from the loss of Oswald the Lucky Dwarfs and World War II
Rabbit, Disney came up with the idea of a mouse char-
acter named Mortimer while on a train headed to Cal- Deciding to push the boundaries of animation even fur-
ifornia, drawing up a few simple drawings. The mouse ther, Disney began production of his rst feature-length
was later renamed Mickey Mouse (Disneys wife, Lillian, animated lm in 1934. Taking three years to complete,
disliked the sound of 'Mortimer Mouse') and starred in Snow White and the Seven Dwarfs, premiered in Decem-
ber 1937 and became highest-grossing lm of that time
several Disney produced lms. Ub Iwerks rened Dis-
neys initial design of Mickey Mouse.[7] Disneys rst by 1939.[11] Snow White was released through RKO Ra-
dio Pictures, which had assumed distribution of Disneys
sound lm Steamboat Willie, a cartoon starring Mickey,
was released on November 18, 1928[ChWDC 3] through Pat product in July 1937,[ChWDC 5] after United Artists at-
tempted to attain future television rights to the Disney
Powers' distribution company.[7] It was the rst Mickey
Mouse sound cartoon released, but the third to be created, shorts.[12]
behind Plane Crazy and The Gallopin' Gaucho.[ChWDC 3] Using the prots from Snow White, Disney nanced the
Steamboat Willie was an immediate smash hit, and its ini- construction of a new 51-acre (210,000 m2 ) studio com-
tial success was attributed not just to Mickeys appeal plex in Burbank, California. The new Walt Disney Stu-
as a character, but to the fact that it was the rst car- dios, in which the company is headquartered to this
toon to feature synchronized sound.[7] Disney used Pat day, was completed and open for business by the end of
Powers Cinephone system, created by Powers using Lee 1939.[ChWDC 6] The following year on April 2, Walt Dis-
De Forest's Phonolm system.[ChWDC 3] Steamboat Willie ney Productions had its initial public oering.[ChWDC 7]
premiered at B. S. Mosss Colony Theater in New York The studio continued releasing animated shorts and fea-
City, now The Broadway Theatre.[8] Disneys Plane Crazy tures, such as Pinocchio (1940), Fantasia (1940), Dumbo
and The Galloping Gaucho were then retrotted with syn- (1941), and Bambi (1942).[7] After World War II began,
chronized sound tracks and re-released successfully in box-oce prots declined. When the United States en-
1929.[ChWDC 3] tered the war after the attack on Pearl Harbor, many of
Disney continued to produce cartoons with Mickey Disneys animators were drafted into the armed forces.
Mouse and other characters,[7] and began the Silly Sym- The U.S. and Canadian governments commissioned the
phonies series with Columbia Pictures signing on as Sym- studio to produce training and propaganda lms. By
1.5 195565: Disneyland 3

1942, 90% of its 550 employees were working on
war-related lms.[13] Films such as the feature Victory
Through Air Power and the short Education for Death
(both 1943) were meant to increase public support for the
war eort. Even the studios characters joined the eort,
as Donald Duck appeared in a number of comical propa-
ganda shorts, including the Academy Award-winning Der
Fuehrers Face (1943).
1.4 194654: Post-War and Television
longest-running primetime series in history. Disneyland
allowed Disney a platform to introduce new projects and
broadcast older ones, and ABC became Disneys part-
ner in the nancing and development of Disneys next
venture, located in the middle of an orange grove near
Anaheim, California. It was the rst phase of a long cor-
porate relationship which, although no one could have an-
ticipated it at the time, would culminate four decades later
in the Disney companys acquisition of the ABC network,
its owned and operated stations, and its numerous cable
and publishing ventures.

1.5 195565: Disneyland

The original Animation Building at the Walt Disney Studios.

With limited sta and little operating capital during and

after the war, Disneys feature lms during much of the
1940s were package lms, or collections of shorts, such
as The Three Caballeros (1944) and Melody Time (1948),
which performed poorly at the box-oce. At the same Walt Disney at the grand opening of Disneyland, July 1955.
time, the studio began producing live-action lms and
documentaries. Song of the South (1946) and So Dear to In 1954, Walt Disney used his Disneyland series to unveil
My Heart (1948) featured animated segments, while the what would become Disneyland, an idea conceived out
True-Life Adventures series, which included such lms of a desire for a place where parents and children could
as Seal Island (1948) and The Vanishing Prairie (1954), both have fun at the same time. On July 18, 1955, Walt
were also popular. Eight of the lms in the series won Disney opened Disneyland to the general public. On July
Academy Awards.[14] 17, 1955, Disneyland was previewed with a live television
broadcast hosted by Art Linkletter and Ronald Reagan.
The release of Cinderella in 1950 proved that feature-
length animation could still succeed in the marketplace. After a shaky start, Disneyland continued to grow and
attract visitors from across the country and around the
Other releases of the period included Alice in Wonder-
land (1951) and Peter Pan (1953), both in production be- world. A major expansion in 1959 included the addition
fore the war began, and Disneys rst all-live action fea- of Americas rst monorail system.
ture, Treasure Island (1950). Other early all-live-action For the 1964 New York Worlds Fair, Disney prepared
Disney lms included The Story of Robin Hood and His four separate attractions for various sponsors, each of
Merrie Men (1952), The Sword and the Rose (1953), and which would nd its way to Disneyland in one form or
20,000 Leagues Under the Sea (1954). Disney ended its another. During this time, Walt Disney was also secretly
distribution contract with RKO in 1953, forming its own scouting out new sites for a second Disney theme park. In
distribution arm, Buena Vista Distribution.[15] November 1965, Disney World was announced, with
In December 1950, Walt Disney Productions and The plans for theme parks, hotels, and even a model city on
Coca-Cola Company teamed up for Disneys rst ven- thousands of acres of land purchased outside of Orlando,
ture into television, the NBC television network special Florida.
An Hour in Wonderland. In October 1954, the ABC Disney continued to focus its talents on television
network launched Disneys rst regular television series, throughout the 1950s. Its weekday afternoon childrens
Disneyland, which would go on to become one of the television program The Mickey Mouse Club, featuring its
4 1 CORPORATE HISTORY

roster of young Mouseketeers, premiered in 1955 to later that month. On December 20, 1971, Roy Disney
great success, as did the Davy Crockett miniseries, star- died of a stroke. He left the company under control of
ring Fess Parker and broadcast on the Disneyland anthol- Donn Tatum, Card Walker, and Walts son-in-law Ron
ogy show.[7] Two years later, the Zorro series would prove Miller, each trained by Walt and Roy.
just as popular, running for two seasons on ABC.[16] De-
spite such success, Walt Disney Productions invested lit-
tle into television ventures in the 1960s, with the excep- 1.7 197284: Theatrical malaise and new
tion of the long-running anthology series, later known as leadership
The Wonderful World of Disney.[7]
While Walt Disney Productions continued releasing
Disneys lm studios stayed busy as well. Averaging
family-friendly lms throughout the 1970s, such as
ve or six releases per year during this period. While
Escape to Witch Mountain (1975)[7] and Freaky Friday
the production of shorts slowed signicantly during the
(1976), the lms did not fare as well at the box oce as
1950s and 1960s, the studio released a number of pop-
earlier material. However, the animation studio saw suc-
ular animated features, like Lady and the Tramp (1955),
cess with Robin Hood (1973), The Rescuers (1977), and
Sleeping Beauty (1959) and One Hundred and One Dal-
The Fox and the Hound (1981).
matians (1961), which introduced a new xerography pro-
cess to transfer the drawings to animation cels.[17] Dis- As head of the studio, Miller attempted to make lms to
neys live-action releases were spread across a number drive the protable teenage market who generally passed
of genres, including historical ction (Johnny Tremain, on seeing Disney lms.[25] Inspired by the popularity
1957), adaptations of childrens books (Pollyanna, 1960) of Star Wars, Disney produced the science-ction ad-
and modern-day comedies (The Shaggy Dog, 1959). Dis- venture The Black Hole in 1979 that cost $20 million
neys most successful lm of the 1960s was a live ac- to make, but was lost in Star Wars wake.[7] The Black
tion/animated musical adaptation of Mary Poppins, which Hole was the rst Disney lm to carry a PG rating in
was one of the all-time highest-grossing movies[7] and re- the United States.[25][N 1] Disney dabbled in the horror
ceived ve Academy Awards, including Best Actress for genre with The Watcher in the Woods, and nanced the
Julie Andrews and Best Song for Robert B. Sherman & boldly innovative Tron; both lms were released to min-
Richard M. Sherman for "Chim Chim Cher-ee" .[18] imal success.[7]
Disney also hired outside producers for lm projects,
The theme park design and architectural group became
which had never been done before in the studios
so integral to the Disney studios operations that the stu-
history.[25] In 1979, Disney entered a joint venture with
dio bought it on February 5, 1965, along with the WED
Enterprises name.[19][20][21][22] Paramount Pictures on the production of the 1980 lm
adaptation of Popeye and Dragonslayer (1981); the rst
time Disney collaborated with another studio. Paramount
distributed Disney lms in Canada at the time, and it was
1.6 196671: The deaths of Walt and Roy hoped that Disneys marketing prestige would help sell the
Disney and the opening of Walt Disney two lms.[25]
World
Finally, in 1982, the Disney family sold the naming rights
and rail-based attractions to the Disney lm studio for
On December 15, 1966, Walt Disney died of complica-
818,461 shares of Disney stock then worth $42.6 mil-
tions relating to lung cancer,[7] and Roy Disney took over lion none of which went to Retlaw. Also, Roy E. Dis-
as chairman, CEO, and president of the company. One of
ney objected to the overvalued purchase price of the
his rst acts was to rename Disney World as Walt Disney naming right and voted against the purchase as a Disney
World in honor of his brother and his vision.[23]
board director.[26] The 1983 release of Mickeys Christ-
In 1967, the last two lms Walt actively supervised were mas Carol began a string of successful movies, starting
released, the animated feature The Jungle Book[7] and with Never Cry Wolf and the Ray Bradbury adaptation
the musical The Happiest Millionaire.[24] The studio re- Something Wicked This Way Comes.[7] The Walt Disney
leased a number of comedies in the late 1960s, including Productions lm division was incorporated on April 1,
The Love Bug (1969s highest-grossing lm)[7] and The 1983 as Walt Disney Pictures.[27] In 1984, Disney CEO
Computer Wore Tennis Shoes (1969), which starred an- Ron Miller created Touchstone Films as a brand for Dis-
other young Disney discovery, Kurt Russell. The 1970s ney to release more major motion pictures. Touchstones
opened with the release of Disneys rst post-Walt an- rst release was the comedy Splash (1984), which was a
imated feature, The Aristocats, followed by a return to box oce success.[28]
fantasy musicals in 1971s Bedknobs and Broomsticks.[7] With The Wonderful World of Disney remaining a prime-
Blackbeards Ghost was another successful lm during time staple, Disney returned to television in the 1970s
this period.[7] with syndicated programing such as the anthology se-
On October 1, 1971, Walt Disney World opened to the ries The Mouse Factory and a brief revival of the Mickey
public, with Roy Disney dedicating the facility in person Mouse Club. In 1980, Disney launched Walt Disney
1.8 19842005: The Michael Eisner Era and the Save Disney Campaign 5

Home Video to take advantage of the newly emerging The Golden Girls and Home Improvement. Disney began
videocassette market. On April 18, 1983, The Disney limited releases of its previous lms on video tapes in the
Channel debuted as a subscription-level channel on cable late 1980s. Eisners Disney purchased KHJ, an indepen-
systems nationwide, featuring its large library of classic dent Los Angeles TV station.[7]
lms and TV series, along with original programming and Organized in 1985, Silver Screen Partners II, LP nanced
family-friendly third-party oerings. lms for Disney with $193 million. In January 1987, Sil-
Walt Disney World received much of the companys at- ver Screen III began nancing movies for Disney with
tention through the 1970s and into the 1980s. In 1978, $300 million raised, the largest amount raised for a lm
Disney executives announced plans for the second Walt nancing limited partnership by E.F. Hutton.[30] Silver
Disney World theme park, EPCOT Center, which would Screen IV was also set up to nance Disneys studios.[31]
open in October 1982. Inspired by Walt Disneys dream Beginning with Who Framed Roger Rabbit in 1988, Dis-
of a futuristic model city, EPCOT Center was built as a neys agship animation studio enjoyed a series of com-
permanent Worlds Fair, complete with exhibits spon- mercial and critical successes with such lms as The Little
sored by major American corporations, as well as pavil- Mermaid (1989), Beauty and the Beast (1991), Aladdin
ions based on the cultures of other nations. In Japan, the (1992) and The Lion King (1994). In addition, the com-
Oriental Land Company partnered with Walt Disney Pro- pany successfully entered the eld of television animation
ductions to build the rst Disney theme park outside of with a number of lavishly budgeted and acclaimed series
the United States, Tokyo Disneyland, which opened in such as Adventures of the Gummi Bears, Duck Tales, Chip
April 1983. 'n Dale Rescue Rangers, Darkwing Duck and Gargoyles.
Despite the success of the Disney Channel and its new Disney moved to rst place in box oce receipts by 1988
theme park creations, Walt Disney Productions was nan- and had increased revenues by 20% every year.[7]
cially vulnerable. Its lm library was valuable, but oered
In 1989, Disney signed an agreement-in-principle to ac-
few current successes, and its leadership team was unable quire Jim Henson Productions from its founder, Muppet
to keep up with other studios, particularly the works of
creator Jim Henson. The deal included Hensons pro-
Don Bluth, who defected from Disney in 1979. gramming library and Muppet characters (excluding the
By the early 1980s, the parks were generating 70% of Muppets created for Sesame Street), as well as Jim Hen-
Disneys income.[7] sons personal creative services. However, Henson died
In 1984, nancier Saul Steinberg's Reliance Group Hold- suddenly in May 1990 before the deal was completed,
ings launched a hostile takeover bid for Walt Disney resulting in the two companies terminating [32]
merger ne-
Productions,[7] with the intent of selling o some of its gotiations the following December. Named the Dis-
operations.[29] Disney bought out Reliances 11.1% stake ney Decade by the company, the executive talent at-
in the company. However, another shareholder led suit tempted to move the company to new heights in the 1990s
[7]
claiming the deal devaluated Disneys stock and for Dis- with huge changes and accomplishments. In September
ney management to retain their positions. The share- 1990, Disney arranged for nancing up to $200 million
holder lawsuit was settled in 1989 for a total of $45 mil- by a unit of Nomura Securities for Interscope lms made
lion from Disney and Reliance.[7] for Disney. On October 23, Disney formed Touchwood
Pacic Partners I which would supplant the Silver Screen
Partnership series as their movie studios primary source
of funding.[31]
1.8 19842005: The Michael Eisner Era
and the Save Disney Campaign In 1991, hotels, home video distribution, and Disney mer-
chandising became 28 percent of total company revenues
with international revenues contributed 22 percent of rev-
See also: Timeline of The Walt Disney Company
enues. The company committed its studios in the rst
19842004
quarter of 1991 to produce 25 lms in 1992. However,
1991 saw net income drop by 23 percent and had no
With the Sid Bass family purchase of 18.7 percent of growth for the year, but saw the release of Beauty and the
Disney, Bass and the board brought in Michael Eisner Beast, winner of two Academy Awards and top-grossing
from Paramount as CEO and Frank Wells from Warner lm in the genre. Disney next moved into publishing
Bros. as president. Eisner emphasized Touchstone with with Hyperion Books and adult music with Hollywood
Down and Out in Beverly Hills (1985) to start leading to Records while Walt Disney Imagineering was laying o
increased output with Good Morning, Vietnam (1987), 400 employees.[7] Disney also broadened its adult oer-
Dead Poets Society (1989), Pretty Woman (1990) and ings in lm when then Disney Studio Chairman Jerey
additional hits. Eisner used expanding cable and home Katzenberg acquired Miramax Films in 1993. That same
video markets to sign deals using Disney shows and lms year Disney created the NHL team the Mighty Ducks
with a long-term deal with Showtime Networks for Dis- of Anaheim, named after the 1992 hit lm of the same
ney/Touchstone releases through 1996 and entering tele- name. Disney purchased a minority stake in the Anaheim
vision with syndication and distribution for TV series as
6 1 CORPORATE HISTORY

Angels baseball team around the same time.[7] a portion of the lm revenue from ancillary markets for-
Wells was killed in a helicopter crash in 1994. [7] ever. Katzenberg had oered $100 to settle the case, but
Shortly thereafter, Katzenberg resigned and formed Eisner felt the original claim amount of about half a bil-
DreamWorks SKG because Eisner would not appoint lion too much, but then the ancillary market clause was
Katzenberg to Wells now-available post (Katzenberg had found. Disney lawyers tried to indicate a decline situa-
also sued over the terms of his contract).[7] Instead, Eisner tion which reveal some of the problems in the company.
recruited his friend Michael Ovitz, one of the founders of ABC had declining rating and increasing costs while the
the Creative Artists Agency, to be President, with mini- lm segment had two lm failures. While neither party
revealed the settlement amount, it is estimated at $200
mal involvement from Disneys board of directors (which
at the time included Oscar-winning actor Sidney Poitier, million.[7]
the CEO of Hilton Hotels Corporation Stephen Bollen- Eisners controlling style inhibited eciency and progress
bach, former U.S. Senator George Mitchell, Yale dean according to some critics, while other industry experts in-
Robert A. M. Stern, and Eisners predecessors Raymond dicated that age compression theory led to a decline in
Watson and Card Walker). Ovitz lasted only 14 months the companys target market due to youth copying teenage
and left Disney in December 1996 via a no fault termi- behavior earlier.[7]
nation with a severance package of $38 million in cash The year 2000 brought an increase in revenue of 9 per-
and 3 million stock options worth roughly $100 million at cent and net income of 39 percent with ABC and ESPN
the time of Ovitzs departure. The Ovitz episode engen- leading the way and Parks and Resorts marking its sixth
dered a long running derivative suit, which nally con- consecutive year of growth. However, the September 11
cluded in June 2006, almost 10 years later. Chancel- attacks led to a decline in vacation travel and the early
lor William B. Chandler, III of the Delaware Court of 2000s recession led to a decrease in ABC revenue. Plus,
Chancery, despite describing Eisners behavior as falling Eisner had the company make an expensive purchase of
far short of what shareholders expect and demand from Fox Family Worldwide. 2001 was a year of cost cutting
those entrusted with a duciary position... found in fa- laying o 4,000 employees, Disney parks operations de-
vor of Eisner and the rest of the Disney board because creased, slashing annual live-action lm investment, and
they had not violated the letter of the law (namely, the minimizing Internet operations. While 2002 revenue had
duty of care owed by a corporations ocers and board a small decrease from 2001 with the cost cutting, net in-
to its shareholders).[33] Eisner later revealed in 2016 in- come rose to $1.2 billion with two creative lm releases.
terview with The Hollywood Reporter that he regretted In 2003, Disney became the rst studio to record over $3
letting Ovitz go. [34]
billion in worldwide box oce receipts.[7]
Eisner attempted in 1994 to purchase NBC from General Eisner did not want the board to renominate Roy E. Dis-
Electric (GE), but the deal failed due to GE wanting to ney, the son of Disney co-founder Roy O. Disney, as a
keep 51 percent ownership of the network. Disney ac- board director citing his age of 72 as a required retire-
quired many other media sources during the decade, in- ment age. Stanley Gold responded by resigning from
cluding a merger with Capital Cities/ABC in 1995 which the board and requesting the other board members oust
brought broadcast network ABC and its assets, includ- Eisner.[7] In 2003, Disney resigned from his positions
ing the A&E Television Networks and ESPN networks, as the companys vice chairman and chairman of Walt
into the Disney fold.[7] Eisner felt that the purchase of Disney Feature Animation,[ChWDC 8] accusing Eisner of
ABC was an important investment to keep Disney sur- micromanagement, failures with the ABC television net-
viving and allowing it to compete with international mul- work, timidity in the theme park business, turning the
timedia conglomerates.[35] Walt Disney Company into a rapacious, soul-less com-
Disney lost a $10.4 million lawsuit in September 1997 to pany, and refusing to establish a clear succession plan, as
Marsu B.V. over Disneys failure to produce as contracted well as a string of box-oce movie ops starting in the
13 half-hour Marsupilami cartoon shows. Instead, Dis- year 2000.
ney felt other internal hot properties deserved the com-
On May 15, 2003, Disney sold their stake in the Ana-
panys attention.[36] heim Angels baseball team to Arte Moreno. Disney pur-
Disney, which had taken control of the Anaheim An- chased the rights to the Muppets and the Bear in the Big
gels in 1996, purchased a majority stake in the team in Blue House franchises from the Jim Henson Company on
1998. That same year, Disney began a move into the in- February 17, 2004.[37] The two brands were placed under
ternet eld with the purchase of Starwave and 43 per- control of the Muppets Holding Company, LLC, a unit of
cent of Infoseek. In 1999, Disney purchased the remain- Disney Consumer Products.[38]
ing shares of Infoseek and launch the Go Network por- In 2004, Pixar Animation Studios began looking for an-
tal in January. Disney also launched its cruise line with other distributor after its 12-year contract with Disney
the christening of Disney Magic and a sister ship, Disney ended, due to its strained relationship over issues of con-
Wonder.[7] trol and money with Eisner. Also that year, Comcast
The Katzenberg case dragged on as his contract included Corporation made an unsolicited $54 billion bid to ac-
1.9 2005present: The Iger era 7

quire Disney. A couple of high budget movies opped

at the box oce. With these diculties and with
some board directors dissatised, Eisner ceded the board
chairmanship.[7]
On March 3, 2004, at Disneys annual shareholders meet-
ing, a surprising 45% of Disneys shareholders, predomi-
nantly rallied by former board members Roy Disney and
Stanley Gold, withheld their proxies to re-elect Eisner to
the board. Disneys board then gave the chairmanship
position to Mitchell. However, the board did not imme-
diately remove Eisner as chief executive.[ChWDC 9]
In 2005, Disney sold the Mighty Ducks of Anaheim
hockey team to Henry and Susan Samueli.[7]
On March 13, 2005, Robert A. Iger was announced as Team Disney Burbank, which houses the oces of Disneys CEO
Eisner successor as CEO. On September 30, Eisner re- and several other senior corporate ocials.
signed both as an executive and as a member of the Board
of Directors.[ChWDC 10]
In 2006, Disney acquired Oswald the Lucky Rabbit, Dis-
neys pre-Mickey silent animation star.[40] Aware that
Disneys relationship with Pixar was wearing thin, Iger
began negotiations with leadership of Pixar Animation
Studios, Steve Jobs and Ed Catmull, regarding possible
merger. On January 23, 2006, it was announced that
Disney would purchase Pixar in an all-stock transaction
worth $7.4 billion. The deal was nalized on May 5; and
among noteworthy results was the transition of Pixars
CEO and 50.1% shareholder, Steve Jobs, becoming Dis-
neys largest individual shareholder at 7% and a member
of Disneys Board of Directors.[41][42] Ed Catmull took
over as President of Pixar Animation Studios. Former
Executive Vice-President of Pixar, John Lasseter, be-
came Chief Creative Ocer of Walt Disney Animation
Studios, its division DisneyToon Studios, and Pixar An-
imation Studios, as well assuming the role of Principal
Creative Advisor at Walt Disney Imagineering.[42]
In April 2007, the Muppets Holding Company, LLC was
view of downtown Celebration, Florida: the community renamed the Muppets Studio and placed under new lead-
was planned by The Walt Disney Company. ership in an eort by Iger to re-brand the division. The
rebranding was completed in September 2008, when con-
trol of the Muppets Studio was transferred from Disney
Consumer Products to the Walt Disney Studios.[37]
Director Emeritus Roy E. Disney died of stomach can-
1.9 2005present: The Iger era cer on December 16, 2009. At the time of his death, he
owned roughly 1 percent of all of Disney which amounted
On July 8, 2005, Walt Disneys nephew, Roy E. Disney to 16 million shares. He was the last member of the
returned to the company as a consultant and with the Disney family to be actively involved in the company.[43]
new title of Non Voting Director, Emeritus. Walt Dis-
ney Parks and Resorts celebrated the 50th anniversary of On August 31, 2009, Disney announced a deal to acquire
[44]
Disneyland Park on July 17, and opened Hong Kong Dis- Marvel Entertainment, Inc. for $4.24 billion. The deal
neyland on September 12. Walt Disney Feature Anima- was nalized on December 31, 2009 in which Disney ac-
[45]
tion released Chicken Little, the companys rst lm us- quired full ownership on the company.
ing 3D animation. On October 1, Iger replaced Eisner as In October 2009, Disney Channel president Rich Ross,
CEO. Miramax co-founders Bob Weinstein and Harvey hired by Iger, replaced Dick Cook as chairman of the
Weinstein also departed the company to form their own company and, in November, began restructuring the
studio. On July 25, 2005, Disney announced that it was company to focus more on family friendly products. Later
closing DisneyToon Studios Australia in October 2006, in January 2010, Disney decided to shut down Mira-
after 17 years of existence.[39] max after downsizing Touchstone, but one month later,
8 2 COMPANY DIVISIONS AND SUBSIDIARIES
they instead began selling the Miramax brand and its
700-title lm library to Filmyard Holdings. In March,
ImageMovers Digital, which Disney had established as
a joint venture studio with Robert Zemeckis in 2007,
was shut down. In April 2010, Lyric Street, Disneys
country music label in Nashville, was shut down. The
following month, the company sold the Power Rangers
brand, as well as its 700-episode library, back to Haim
Saban. In January 2011, Disney Interactive Studios
was downsized.[46] In November, two ABC stations were
sold.[47] With the release of Tangled in 2010, Ed Cat-
mull said that the princess genre of lms was taking a
hiatus until someone has a fresh take on it ... but we
don't have any other musicals or fairytales lined up.[48]
He explained that they were looking to get away from the
princess era due to the changes in audience composition
and preference. However, in the Facebook page, Ed Cat-
mull stated that this was just a rumor.[49]
In April 2011, Disney broke ground on Shanghai Disney
Resort. Costing $4.4 billion, the resort opened on June
16th, 2016.[50] Later, in August 2011, Bob Iger stated
on a conference call that after the success of the Pixar
and Marvel purchases, he and the Walt Disney Company
are looking to buy either new characters or businesses
that are capable of creating great characters and great
stories.[51] Later, in early February 2012, Disney com-
pleted its acquisition of UTV Software Communications,
expanding their market further into India and Asia.[52]
On October 30, 2012, Disney announced plans to ac-
quire Lucaslm, along with plans to produce a seventh
installment in its Star Wars franchise for 2015.[53] On De-
cember 4, 2012, the Disney-Lucaslm merger was ap-
proved by the Federal Trade Commission, allowing the
acquisition to be nalized without dealing with antitrust
problems.[54] On December 21, 2012, the deal was com-
pleted with the acquisition value amounting to approxi-
mately $4.06 billion, and thus Lucaslm became a wholly
owned subsidiary of Disney (which coincidentally re-
united Lucaslm under the same corporate umbrella with
its former spin-o and new sibling, Pixar).[55]
On March 24, 2014, Disney bought Maker Studios, a
YouTube company generating billions of views each year,
for over $500 million in order to advertise to viewers in
the crucial teenage/young adult demographics.[56]
On May 9, 2014, Disney announced they have reached
an agreement with Japan's TV Asahi Corporation to air
an English dub of the Doraemon anime series on Disney
XD.[57]
In August 2014, The Walt Disney Company led three UTV Software Communications, Lucaslm, and Maker
patents for using drones. Patents included using un- Studios.
manned aerial vehicles (UAV) to lift marionettes in the
air, raise mesh screens for oating video projections, and
equipping drones with lights to make them part of a new
kind of light show.[58]
On February 5, 2015, it was announced that Tom neyland Resort, Shanghai Disney Resort, Disney Vaca-
Staggs had been promoted to COO.[59] On April 4, tion Club, and Disney Cruise Line.
2016, Disney unexpectedly announced that Staggs and
the company had agreed to mutually part ways, ef-
fective May 2016, ending his 26-year career with the
company.[60][61][62][63][64]
On November 17, 2016, Disney announced a deal
with The Pokmon Company (a joint-venture between
Nintendo, Game Freak, and Creatures) to move the
Pokmon anime series to Disney XD from its longtime
US TV home of Cartoon Network starting with Pokmon
the Series: Sun & Moon (Season 20).[65]
2 Company divisions and sub-
sidiaries
Main article: List of assets owned by Disney
The Walt Disney Company operates through four primary
business units, which it calls business segments": Studio
Entertainment, with the primary business unit The Walt
Disney Studios, which includes the companys lm, mu-
sic recording label, and theatrical divisions; Parks and
Resorts, featuring the companys theme parks, cruise
line, and other travel-related assets; Media Networks,
which includes the companys television properties; and
Disney Consumer Products and Interactive Media,
which produces toys, clothing, and other merchandis-
ing based upon Disney-owned properties, as well as in-
cluding Disneys Internet, mobile, social media, virtual
worlds, and computer games operations.[66] Three seg-
ments are led by chairmen, but Disney Consumer Prod-
ucts and Interactive Media are currently both led by a
president. Marvel Entertainment is also a direct CEO re-
porting business, while its nancial results are primarily
divided between the Studio Entertainment and Consumer
Products segments. While Maker Studios is split between
Studio Entertainment and Media Networks segments.[67]
The companys main entertainment holdings include Walt
Disney Studios, Disney Music Group, Disney Theatri-
cal Group, Disney-ABC Television Group, Radio Disney,
ESPN Inc., Disney Interactive, Disney Consumer Prod-
ucts, Disney India Ltd., The Muppets Studio, Pixar An-
imation Studios, Marvel Entertainment, Marvel Studios,
The companys resorts and diversied related holdings
include Walt Disney Parks and Resorts, Disneyland Re-
sort, Walt Disney World Resort, Tokyo Disney Resort,
Disneyland Paris, Euro Disney S.C.A., Hong Kong Dis-
3.3 Chairmen of the Board 9

2.1 Disney Media Networks 3.3 Chairmen of the Board

Disney Media Networks is a business segment and pri-
mary unit of The Walt Disney Company that contains
the companys various television networks, cable chan-
nels, associated production and distribution companies
and owned and operated television stations. Media Net-
works also manages Disneys interest in its joint venture
with Hearst Corporation, A+E Networks and ESPN Inc..
Unlike the four other business segments, it is the only one
with two leaders or co-chairs": the presidents of ESPN
and Disney-ABC Television Group.[68] Thus, Disney has
a total of eight business unit leaders who report to the
CEO and COO.
Walt Disney dropped his Chairman title in 1960 to focus
more on the creative aspects of the company, becoming
the executive producer in charge of all production.[69]
After a four-year vacancy, Roy O. Disney assumed the
Chairmanship.
194560: Walt Disney
196471: Roy O. Disney
197180: Donn Tatum

198083: Card Walker

3 Executive management
198384: Raymond Watson

Further information: List of management of The Walt 19842004: Michael Eisner

Disney Company
20042006: George J. Mitchell

200712: John E. Pepper, Jr.

3.1 Presidents
2012present: Robert A. Iger
192345: Walt Disney

194566: Roy O. Disney 3.4 Vice Chairman of the Board

196671: Donn Tatum
19842003: Roy E. Disney

197177: Card Walker 19992000: Sanford Litvack (Co-Vice Chair)

197883: Ron W. Miller

3.5 Chief Operating Ocers
198494: Frank Wells

198494: Frank Wells

199597: Michael Ovitz

199799: Sanford Litvack[70] (Acting Chief of Op-

200012: Robert A. Iger
erations)

20002005: Robert A. Iger

3.2 Chief Executive Ocers
201516: Tom Staggs[59][60][61][62][63][64]
192971: Roy O. Disney

197176: Donn Tatum

4 Financial data
197683: Card Walker
4.1 Revenues
198384: Ron W. Miller
[1] Disney Interactive Media Group, starting in 2008 with the
19842005: Michael Eisner merge of WDIG and Disney Interactive Studios

2005present: Robert A. Iger [2] Following the purchase of ABC

10
4.2 Net income
[1] Also named Films
[2] Merged into Creative Content in 1996
[3] Walt Disney Internet Group, from 1997 to 2000, next
merged with Disney Media Networks
[4] Broadcasting from 1994 to 1996
[5] Disney Interactive Media Group, merge of WDIG and
Disney Interactive Studios
[6] Not linked to WDIG, Disney reported a $300M loss due
to nancial modication regarding real estate
5 Criticism
For more details on this topic, see Criticism of The Walt
Disney Company.
Some of Disneys animated family lms have drawn re
for being accused of having sexual references hidden in
them, among them The Little Mermaid (1989), Aladdin
(1992), and The Lion King (1994). Instances of sexual
material hidden in some versions of The Rescuers (1977)
and Who Framed Roger Rabbit (1988) resulted in recalls
and modications of the lms to remove such content.[91]
Some religious welfare groups, such as the Catholic
League, have opposed lms including Priest (1994) and
Dogma (1999).[92] A book called Growing Up Gay, pub-
lished by Disney-owned Hyperion and similar publica-
tions, as well as the companys extension of benets to
same-sex domestic partners, spurred boycotts of Disney
and its advertisers by the Catholic League, the Assemblies
of God USA, the American Family Association, and
other conservative groups.[92][93][94] The boycotts were
discontinued by most of these organizations by 2005.[95]
In addition to these social controversies, the company
has been accused of human rights violations regarding
the working conditions in factories that produce their
merchandise.[96][97]
Disney has been criticized for its inuence over children
in that it endeavours to appeal to children at a young age
and develop their views and interests according to Dis-
neys portrayal of major themes as well as prepare chil-
dren to become early consumers of their brand.[98]
6 See also
Walt Disney and Roy Disney
List of assets owned by Disney
List of Walt Disney Pictures lms
Lists of lms released by Disney
8 REFERENCES
Disney University
Disneycation
Buena Vista
Mandeville-Anthony v. The Walt Disney Company, a
federal court case in which Mandeville claimed Dis-
ney infringed on his copyrighted ideas by creating
Cars
List of conglomerates
List of United States companies
Pixar
Maker Studios
Consider the Source
7 Footnotes
[1] Although Disney released a PG-rated lm, Take Down,
prior to the release of The Black Hole, they did not make
the lm; it was a pickup from independent producers.
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9 Further reading
Disney Stories: Getting to Digital, Newton Lee and
Krystina Madej (New York, NY: Springer Sci-
ence+Business Media, 2012), ISBN 978-1-4614-
2100-9.
A View Inside Disney, Tayler Hughes, 2014
Slumped
The Animated Man: A Life of Walt Disney, Michael
Barrier, 2007
Building a Company: Roy O. Disney and the Creation
of an Entertainment Empire, Bob Thomas, 1998
Building a Dream; The Art of Disney Architecture,
Beth Dunlop, 1996, ISBN 0-8109-3142-7
Cult of the Mouse: Can We Stop Corporate Greed
from Killing Innovation in America?, Henry M.
Caroselli, 2004, Ten Speed Press
Disney: The Mouse Betrayed, Peter Schweizer
The Disney Touch: How a Daring Management
Team Revived an Entertainment Empire, by Ron
Grover (Richard D. Irwin, Inc., 1991), ISBN 1-
55623-385-X
The Disney Version: The Life, Times, Art and Com-
merce of Walt Disney, Richard Schickel, 1968, re-
vised 1997
Disneyana: Walt Disney Collectibles, Cecil Munsey,
1974
Disneyization of Society: Alan Bryman, 2004
DisneyWar, James B. Stewart, Simon & Schuster,
2005, ISBN 0-684-80993-1
Donald Duck Joins Up; the Walt Disney Studio Dur-
ing World War II, Richard Shale, 1982
How to Read Donald Duck: Imperialist Ideology
in the Disney Comic ISBN 0-88477-023-0 (Marxist
Critique) Ariel Dorfman, Armand Mattelart, David
Kunzle (translator).
Inside the Dream: The Personal Story of Walt Dis-
ney, Katherine Greene & Richard Greene, 2001
14 10 EXTERNAL LINKS

The Keys to the Kingdom: How Michael Eisner Lost

His Grip, Kim Masters (Morrow, 2000)
The Man Behind the Magic; the Story of Walt Disney,
Katherine & Richard Greene, 1991, revised 1998,
ISBN 0-7868-5350-6

Married to the Mouse, Richard E. Foglesorg, Yale

University Press.

Mouse Tales: A Behind-the-Ears Look at Disney-

land, David Koenig, 1994, revised 2005, ISBN 0-
9640605-4-X
Mouse Tracks: The Story of Walt Disney Records,
Tim Hollis and Greg Ehrbar, 2006, ISBN 1-57806-
849-5
Storming the Magic Kingdom: Wall Street, the
raiders, and the battle for Disney, John Taylor, 1987
New York Times

The Story of Walt Disney, Diane Disney Miller &

Pete Martin, 1957

Team Rodent, Carl Hiaasen.

Walt Disney: An American Original, Bob Thomas,
1976, revised 1994, ISBN 0-671-22332-1
Work in Progress by Michael Eisner with Tony
Schwartz (Random House, 1998), ISBN 978-0-
375-50071-8

10 External links
Corporate website
Disney.com

The Walt Disney Company companies grouped at

OpenCorporates

Business data for Walt Disney: Google Fi-

nance
Yahoo! Finance
Reuters
SEC lings
Stockrow
 15

11 Text and image sources, contributors, and licenses

11.1 Text
The Walt Disney Company Source: https://en.wikipedia.org/wiki/The_Walt_Disney_Company?oldid=765253287 Contributors: Brion
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16 11 TEXT AND IMAGE SOURCES, CONTRIBUTORS, AND LICENSES

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11.2 Images 17

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