5/1/23, 11:37 AM The Walt Disney Company - Wikipedia

The Walt Disney Company

From Wikipedia, the free encyclopedia

The Walt Disney Company, commonly known as

The Walt Disney Company
Disney (/ˈdɪzni/),[5] is an American multinational, mass
media and entertainment conglomerate that is
headquartered at the Walt Disney Studios complex in
Burbank, California. Disney was founded on October 16, The corporate variant of the Disney logo
1923, by brothers Walt and Roy O. Disney as Disney
Brothers Studio; it also operated under the names Walt
Disney Studio and Walt Disney Productions before
changing its name to The Walt Disney Company in 1986.
Early in its existence, the company established itself as a
leader in the animation industry, with the creation of the
widely popular character Mickey Mouse, who first appeared
in Steamboat Willie, which used synchronized sound, to The Walt Disney Studios corporate
become the first post-produced sound cartoon.[6] The headquarters in Burbank, California, 2016
character would go on to become the company's mascot.
Trade name Disney
After becoming a major success by the early 1940s, the Formerly Disney Brothers Studio
company diversified into live-action films, television, and (1923–1926)
theme parks in the 1950s. Following Walt Disney's death in Walt Disney Studio
1966, the company's profits, especially in the animation (1926–1929)
division, began to decline. Once Disney's shareholders voted Walt Disney Productions
Michael Eisner as the head of the company in 1984, it
(1929–1986)
became overwhelmingly successful during a period called
the Disney Renaissance. In 2005, under new CEO Bob Iger, Type Public
the company started to expand and acquire other Traded as NYSE: DIS (https://www.n
corporations. Bob Chapek became the head of Disney in yse.com/quote/XNYS:DI
2020 after Iger's retirement. Chapek was ousted in 2022 S)
and Iger was reinstated as CEO.
DJIA component
Since the 1980s, Disney has created and acquired corporate S&P 100 component
divisions to market more mature content than is typically S&P 500 component
associated with its family-oriented brands. The company is US2546871060 (https://i
ISIN
known for its film-studio division Walt Disney Studios, w.toolforge.org/isin/?lang
which includes Walt Disney Pictures, Walt Disney uage=en&isin=US254687
Animation Studios, Pixar, Marvel Studios, Lucasfilm, 20th 1060)
Century Studios, 20th Century Animation, and Searchlight
Pictures. Disney's other main business units include Industry Media
divisions in television, broadcasting, streaming media, Entertainment
theme park resorts, consumer products, publishing, and Predecessors Laugh-O-Gram Studio
international operations. Through these divisions, Disney
Founded October 16, 1923
owns and operates the ABC broadcast network; cable
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television networks such as Disney Channel, ESPN, Founders Walt Disney

Freeform, FX, and National Geographic; publishing,
Roy O. Disney
merchandising, music, and theater divisions; direct-to-
consumer streaming services such as Disney+, Star+, Headquarters Team Disney Building,
ESPN+, Hulu, and Hotstar; and Disney Parks, Experiences Walt Disney Studios,
and Products, which includes several theme parks, resort Burbank, California, U.S.
hotels, and cruise lines around the world. Area served Worldwide
Key people Mark Parker (chairman)
Disney is one of the biggest and best-known companies in
the world, and has been ranked number 53 on the 2022 Bob Iger (CEO)
Fortune 500 list of biggest companies in the United States Products Amusement parks
by revenue. Since its founding, the company has won 135
Comic Books
Academy Awards, 26 of which have been awarded to Walt.
The company has been said to have produced some of the Films
greatest films of all time, as well as revolutionizing the Music
theme park industry. Disney has been criticized for Television program
supposed plagiarism, depicting racial stereotypes in the Video games
past, and both including and lacking LGBT-related elements
Web portals
in its films. The company, which has been public since 1940,
trades on the New York Stock Exchange (NYSE) with ticker Services Broadcasting
symbol DIS and has been a component of the Dow Jones Licensing
Industrial Average since 1991. In August 2020, just under Publishing
two-thirds of the stock was owned by large financial
Radio
institutions.
Streaming
Television
History
Revenue
US$82.722 billion (2022)
1923–1934: Founding, Mickey Mouse, and Silly Operating
income US$12.121 billion (2022)
Symphonies
Net income US$3.145 billion (2022)
Walt Disney and his friend animator Ub Iwerks had founded Total assets
a film studio named Laugh-O-Gram Studio in Kansas US$203.631 billion (2022)
City.[7] Iwerks and Disney made a short film entitled Alice's Total equity
Wonderland, which depicted child actor Virginia Davis US$98.879 billion (2022)
interacting with animated characters. In 1923, soon after the
Owners The Vanguard Group
short was made, Laugh-O-Gram Studio went bankrupt but
the film later became a hit after New York film distributor (7.4%)
Margaret J. Winkler purchased it. Disney signed a contract BlackRock (6.2%)[1]
to create six series of Alice Comedies with an option for two Number of c. 220,000 (2022)
more six-episode series.[8][9] Before signing the contract, employees
Disney decided to move to Hollywood, Los Angeles, to join
Divisions Disney Entertainment
his brother Roy O. Disney, who had tuberculosis.[10] Walt
Disney Parks,
and Roy founded Disney Brothers Studio on October 16,
Experiences and
1923, to produce the films.[11] Walt later persuaded Iwerks'
Products
and Davis' families to move to Hollywood as well.[9]
ESPN (80%)
In January 1926, the Disney studio on Hyperion Street was Subsidiaries Marvel Comics
completed, and Disney Brothers Studio's name was changed
to Walt Disney Studio.[12] After producing several Alice
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films for the next four years, Winkler handed the role of National Geographic
distributing films to her husband Charles Mintz. In 1927, Partners (73%)
Mintz asked for a new series of films to be made under
Website thewaltdisneycompany
Universal Pictures. In response, Walt created his first series .com (https://thewaltdisne
of fully animated films, which featured the character Oswald ycompany.com)
the Lucky Rabbit.[13] Walt Disney Studio created 26 films
Footnotes / references
with Oswald in them.[14] [2][3][4]

(left to right) Walt Disney and his brother Roy O. Disney co-founded The Disney Brothers Studios in 1923, which
later became The Walt Disney Company

In 1928, Walt wanted a larger fee for his films but Mintz wanted to reduce the price. Soon after, Walt
discovered Universal Pictures owned the intellectual property rights to Oswald, and Mintz threatened
to produce the films without him if he did not accept the reduction in payment.[14][15] Walt declined
and Mintz signed four of Walt Disney Studio's primary animators to start his own studio; Iwerks was
the only top animator to remain with the Disney brothers.[16] Walt and Iwerks replaced Oswald with a
mouse character that was originally named Mortimer Mouse but Walt's wife urged him to change the
name to Mickey Mouse.[17][18] In May 1928, the studio made the silent films Plane Crazy and The
Gallopin' Gaucho as test screening for the new character. Later that year, the studio produced its first
sound film—the third short in the Mickey Mouse series—Steamboat Willie, which was made using
synchronized sound, becoming the first post-produced sound cartoon.[6] The sound was created using
Powers’ Cinephone system, which used Lee de Forest's Phonofilm system.[19] Pat Powers’ distribution
company distributed Steamboat Willie, which became an immediate hit.[17][20][21] In 1929, the
company successfully re-released the two earlier films with synchronized sound.[22][23]

After the release of Steamboat Willie at the Colony Theater in New York, Mickey Mouse became an
immensely popular character.[23][17] Disney Brothers Studio made several cartoons featuring Mickey
and other characters.[24] In August 1929, the company began making the Silly Symphony cartoon
series with Columbia Pictures as the series' distributor because the Disney brothers felt they were not
receiving their share of profits from Powers.[21] Powers ended his contract with Iwerks, who later
started his own studio.[25] Carl W. Stalling played an important role in starting the series, and
composed the music for early films but left the company after Iwerks' departure.[26][27] In September,
theater manager Harry Woodin requested permission to start a Mickey Mouse Club at his theater the
Fox Dome to boost attendance. Walt agreed but David E. Dow started the first-such club at Elsinore
Theatre before Woodin could start his. On December 21, the first meeting for the club at Elsinore
Theatre was attended by around 1,200 children.[28][29] On July 24, 1930, Joseph Conley, president of
King Features Syndicate, wrote to the Disney studio and asked the company to produce a Mickey
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Mouse comic strip; production started in November and samples were

sent to King Features, which approved them.[30] On December 16, 1930,
the Walt Disney Studios partnership was reorganized as a corporation
with the name Walt Disney Productions, Limited, which had a
merchandising division named Walt Disney Enterprises, and
subsidiaries called Disney Film Recording Company, Limited and Liled
Realty and Investment Company; the latter of which managed real
estate holdings. Walt and his wife held 60 percent (6,000 shares) of the
company, and Roy owned 40 percent.[31]

The comic strip Mickey Mouse debuted on January 13, 1930, in New
York Daily Mirror and by 1931, the strip was published in 60
newspapers in the U.S., and in twenty other countries.[32] After
One of Disney's first
realizing releasing merchandise based on the characters would generate
animated characters Oswald
more revenue for the company, in New York, a man asked Walt for the
the Lucky Rabbit, which
license to put Mickey Mouse on writing tablets he was manufacturing
Disney lost the rights to
for $300. Walt agreed and Mickey Mouse became the first licensed
character.[33][34] In 1933, Walt asked Kay Karmen, the owner of an
Kansas City advertising firm, to run Disney's merchandising; Karmen agreed and transformed
Disney's merchandising. Within a year, Kamen had 40 licenses for Mickey Mouse and within two
years, had made $35 million worth of sales. In 1934, Walt said he made more money from the
merchandising of Mickey Mouse than from the character's films.[35][36]

Later, the Waterbury Clock Company created a Mickey Mouse watch, which became so popular it
saved the company from bankruptcy during the Great Depression. During a promotional event at
Macy's, 11,000 Mickey Mouse watches sold in one day; and within two years, two-and-a-half million
watches were sold.[37][32][36] As Mickey Mouse become a heroic character rather than a mischievous
mouse, Disney needed another character that could produce gags.[38] Walt invited radio presenter
Clarence Nash to the animation studio; Walt wanted to use Nash to play Donald Duck, a talking duck
character that would be the studio's new gag character. Donald Duck made his first appearance in
1934 in The Wise Little Hen. Though he did not become popular as quickly as Mickey Mouse had,
Donald Duck had a featured role in Donald and Pluto (1936), and eventually was given his own
series.[39]

After a disagreement with Columbia Pictures about the Silly Symphonies cartoons, Walt signed a
distribution contract with United Artists from 1932 to 1937 to distribute the series.[40] In 1932, Disney
signed an exclusive contract with Technicolor to produce cartoons in color until the end of 1935,
beginning with the Silly Symphonies short Flowers and Trees (1932).[41] The film was the first full-
color cartoon and later that year, it won the Academy Award for the Best Cartoon.[6] In 1933, The
Three Little Pigs, another popular Silly Symphonies short, was released and also won the Academy
Award for Best Cartoon.[24][42] The song from the film "Who's Afraid of the Big Bad Wolf?", which
was composed by Frank Churchill—who wrote other Silly Symphonies songs—became popular and
remained so throughout the 1930s, and became one of the best-known Disney songs.[26] Other Silly
Symphonies films won the Best Cartoon award from 1931 to 1939, except for 1938, when another
Disney film Ferdinand the Bull won it.[24]

1934–1949: The Golden Age of Animation, strike, and World War II

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In 1934, Walt decided to make the feature-length animated film

Snow White and the Seven Dwarfs— Walt Disney Productions'
first full-length feature film. He told his animators by acting out
the story. Roy tried to stop Walt from making it, saying it would
bankrupt the studio, and in Hollywood it was called "Disney's
Folly", but Walt continued production on the film.[43][44] He
took a realistic approach to the film and created scenes as
though they were live action.[45] While making the film, the
company created the multiplane camera, which was pieces of
glass upon which drawings were placed at different distances to
create an illusion of depth in the backgrounds.[46] After United The original animation building at Walt
Artists attempted to attain future television rights to the Disney Disney Studios in Burbank, California,
shorts, Walt signed a distribution contract with RKO Radio which they fully moved into in 1940
Pictures on March 2, 1936.[47] Walt Disney Productions
exceeded its original budget of $150,000 for Snow White and
the Seven Dwarfs by ten times; it production eventually cost the company $1.5 million.[43]

Snow White and the Seven Dwarfs took three years to make, debuting on December 12, 1937. It
became the highest-grossing film of all time up to that point, grossing $8 million equivalent to
$150,796,296 in 2021; after several re-releases, the film grossed a total of $998,440,000 in the U.S.
adjusted for inflation.[48][49] After the profits of Snow White and the Seven Dwarfs, Disney financed
the construction of a new studio complex of 51 acres (20.6 ha) in Burbank, California, which the
company fully moved into in 1940.[50][51] On April 2 of the same year, Disney had its initial public
offering, with the common stock remaining with Walt and his family. Walt did not want to go public
but the company needed the money.[52]

Shortly before Snow White and the Seven Dwarfs' release, work began on the company's next films
Pinocchio and Bambi; Bambi was postponed.[47] Pinocchio won the Academy Awards for Best Song
and Best Score, and was said to have made groundbreaking achievements in animation.[53] Pinocchio,
however, performed poorly at the box office upon its release on February 23, 1940, because its
international releases were prevented due to World War II.[54][55]

The company's next film Fantasia also performed poorly at the box office but during its production,
the company made advancements in cinema technology, inventing Fantasound, an early surround
sound system, for the film's soundtrack, making it the first commercial film to be shown in
stereo.[56][57][58] In 1941, Walt Disney Studio experienced a major setback when 300 of its 800
animators, led mainly by one of the company's top animators Art Babbitt, went on strike for five
weeks for unionization and higher pay. Walt thought the strikers were secretly communists and he
fired many of the studios' animators, including some of its best ones.[59][60] Roy Disney tried to
persuade the company's main distributors to invest in the studio and to secure more production funds
for the studio, which could no longer afford to offset production costs with employee layoffs, but was
unsuccessful.[61] During the premiere of The Reluctant Dragon (1941), Disney's fourth film, Robert
Benchley toured the company's studio; protesters from the strike arrived and the film was $100,000
short of its production cost.[62]

While negotiations with the strikers were underway, Walt accepted an offer from the Office of the
Coordinator of Inter-American Affairs to make a goodwill visit, along with some of his animators, to
South America, ensuring Disney would be absent during the deal because he knew the results would
not be in his favor.[63] During the twelve-week visit, the animators began plotting for films and were
inspired by local music.[64] As a result of the strike, Federal mediators compelled the studio to
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recognize the Screen Cartoonist's Guild and several animators left

the company, leaving it with 694 employees.[65][60] To recover
from their financial losses, Disney, hurriedly and with a lower
budget, created the studio's fifth animated film Dumbo, which
performed well at the box office and made a much-needed
financial gain for the company.[53][66] After the bombing of Pearl
Harbor, many of the company's animators were drafted into the
army.[67] Later, 500 United States Army soldiers occupied the
studio for eight months to protect a nearby Lockheed aircraft
Walt (right) dressed as a gaucho plant. While they were there, the soldiers fixed equipment in large
next to Donald Duck on the soundstages and converted storage sheds into ammunition
company's goodwill trip to South depots.[68] On December 8, 1941, the United States Navy asked
America in Argentina. Walt to create propaganda films to gain support for the war. He
agreed and signed a contract with the navy for 20 war-related
shorts for $90,000.[69] Most of the company's employees worked
on the project and created films such as Victory Through Air Power, and included some of the
company's characters in several of the films.[70][67]

In August, 1942, Bambi was released as Disney's sixth animated film and performed poorly at the box
office.[71] In 1943, following the trip to South America, the studio made Saludos Amigos and The
Three Caballeros;[67][72] the two films are package films, several short cartoons grouped together to
make a feature film. Both films performed poorly upon their releases. Disney made more package
films, including Make Mine Music (1946), Fun and Fancy Free (1947), Melody Time (1948), and The
Adventures of Ichabod and Mr. Toad (1949), to try to recover from its financial losses.[67] The studio
started production on less-expensive live-action films with a mixture of animation, starting with Song
of the South which became Disney's most controversial film.[73][74] Because the company was short of
money, in 1944, it planned to re-release its feature films to create much-needed revenue.[74][75] In
1948, Walt Disney Studio began the nature documentary series,True-Life Adventures, which ran until
1960 and won eight Academy Awards.[76][77] In 1949, during production of the animated film
Cinderella (1950), the Walt Disney Music Company was founded to help with profits for
merchandising, hoping the music from Cinderella would be a hit.[78]

1950–1967: Live-action films, television, Disneyland, and Walt Disney's death

In 1950, Cinderella, Disney's first animated film in eight years, was released and was considered a
return to form for the studio. With a production cost of costing $2.2 million, it was Disney's most
financially successful film since Snow White and the Seven Dwarfs, making $8 million in its first
year. Walt had not been as involved as he was with earlier films because he was distracted with trains
and visited England to make Disney's first fully live-action film Treasure Island (1950).[79] Because
Treasure Island was a success, Walt returned to England to produce The Story of Robin Hood and
His Merry Men.[80] In 1950, the television industry began to grow, and on 25 December, NBC aired
the company's first television production "One Hour in Wonderland", which was a promotional
program for Disney's next animated film Alice in Wonderland (1951) and sponsored by Coca-Cola.[81]
While Walt was in England, Alice in Wonderland was released; it was financially unsuccessful, falling
$1 million short of the production budget.[82] Upon his return, Walt started planning the construction
of an amusement park called Mickey Mouse Park on an eight-acre (3.2 ha) site near the studio; its
attractions would include a steamboat ride but business interrupted the plan and production for a
third British film The Sword and the Rose began.[83] Walt supervised the film's production, which
was financed by a new subsidiary called Walt Disney British Films Limited.[84]
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According to Walt, he had the idea of an amusement park during a

visit to Griffith Park with his daughters. He said he watched them
ride a carousel there and that he thought there "should be ... some
kind of amusement enterprise built where the parents and the
children could have fun together".[85][86] Walt changed the
planned amusement park's name to Disneylandia, then to
Disneyland.[83] Because Roy was doubtful about the park, Walt
formed a new company called Walt Disney Enterprise on
December 16, 1952, to fund the park. Shortly after, its name was
changed to Walt Disney Incorporated, and again to WED
Enterprises[a] (now Walt Disney Imagineering) in November
Walt (center) showing the plans of
1953.[87] He hired a group of designers to work on the plans; these
Disneyland to officials from Orange
County in December 1954
became known as "Imagineers".[88] Walt and his friends visited
parks in the U.S. and Europe to get ideas on how to build one.[89]
His plan to build the park in Burbank near the studio quickly
changed when he realized that 8 (3.2 ha) acres would not be enough land. Walt acquired 160 acres (65
ha) of orange groves in Anaheim, southeast of Los Angeles in neighboring Orange County, at $6,200
per acre to build the park.[90] Construction on the park began on July 12, 1954; Walt wanted it to be
completed by 1955, with storytelling attractions and areas, as well as being clean and perfect.[91] By
the time the park opened, it cost the company $17 million to construct.[92]

In February 1953, Disney's next animated film Peter Pan was a financial success but Walt wanted to
improve the standard of animation without raising the cost.[93] When Disney wanted to create The
Living Desert, a feature with two short films, for the True-Life documentary, RKO's lawyer believed it
would break the 1948 antitrust Supreme Court ruling if it was sold as a package. Roy thought the
company would thrive without RKO and Disney created its own distribution company Buena Vista
Distribution, named after the street where the studio was located.[94] In 1954, Disney's first American
live action film 20,000 Leagues Under the Sea, which was one of the first films to use CinemaScope,
was released.[95][96] From the early-to-mid 1950s, Walt began to devote less attention to the
animation department, entrusting most of its operations to his key animators the Nine Old Men,
although he was always present at story meetings. Instead, he started concentrating on television,
Disneyland, and other company affairs.[97]

(left to right) Cast for The Mickey Mouse Club, which over 10 million children would watch every day, and Fess
Parker as Davy Crockett in the show of the same name, which sold 10 million Crockett coonskin caps and over 10
million records of its theme song

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To finance the construction of Disneyland, Walt sold his home at Smoke Tree Ranch in Palm Springs
Ca. and the company promoted it with a television series. After unsuccessful negotiations with NBC
and CBS to sign on, in 1954, American Broadcasting Company (ABC) contracted with Disney for an
hour-long, weekly series starting in October called Disneyland an anthology series consisting of
animated cartoons, live-action features, and other materials from the studio's library; and would
depict four segments of the amusement park's four areas.[98] The series was a success and garnered
over 50% of viewers in its time slot, along with increasing audiences and praise from critics.[99] In
August, Walt formed another company Disneyland, Inc. to finance the theme park, with Walt Disney
Productions, Walt, Western Publishing—which had been the publisher of Disney books for over
twenty years—and ABC all holding stock in the company.[100]

In October, with the success of Disneyland, ABC allowed Disney to produce The Mickey Mouse Club,
a variety show for children; the show included a daily Disney cartoon, a children's newsreel, and a
talent show. It was presented by a host, and talented children and adults called "Mousketeers" and
"Mooseketeers", respectively.[101] After the first season, over ten million children and five million
adults watched it daily; and two million Mickey Mouse ears, which the cast wore, were sold.[102] On
December 15, 1954, Disneyland aired an episode of the five-part miniseries Davy Crockett, which
stars Fess Parker as the title character. According to writer Neal Gabler, "[It] became an overnight
national sensation", selling 10 million Crockett coonskin caps.[103] The show's theme song "The Ballad
of Davy Crockett" became a part of American pop culture, selling 10 million records. Los Angeles
Times called it "the greatest merchandising fad the world had ever seen".[104][105] In June 1955,
Disney's 15th animated film Lady and the Tramp was released and performed better at the box office
than any other Disney films since Snow White and the Seven Dwarfs.[106]

Disneyland opened on Sunday, July 17, 1955.[b] Only Main Street and
rides in some of the "lands" were completed, a total of 20 attractions.
Entry to the park cost $1 and guests had to pay for each individual
ride.[107] They were ready for 11,000 guests but around 28,000
people arrived due to sales of counterfeit tickets. The opening was
aired on ABC with actors Art Linkletter, Bob Cummings, and Ronald
Reagan, who were all friends of Walt, hosting it. It garnered over 90
million viewers, becoming the most-watched live broadcast to that
date.[108] The opening was disastrous, and was dubbed as "Black
Sunday" by the employees. Restaurants ran out of food, the Mark
Twain Riverboat began to sink, several rides malfunctioned, and the Walt Disney at the grand
drinking fountains were not working in the 100  °F. (38  °C) opening of Disneyland on July
heat. [109][92] Within its first week of being open, Disneyland had had 17, 1955
161,657 visitors, and by its first month the park had over 20,000
visitors each day. After its first year, 3.6 million people had visited
the park, and after its second year, four million more guests came, making it more popular than the
Grand Canyon and Yellowstone National Park. That year, the company earned a gross total of $24.5
million compared to the $11 million the previous year.[110]

Though Walt focused more of the park than on films, the company produced an average of five
releases per year throughout the 1950s and 1960s.[111] The animated feature films included Sleeping
Beauty (1959), One Hundred and One Dalmatians (1961), and The Sword in the Stone (1963).[112]
Sleeping Beauty was a financial loss for the company, and at $6 million, it had the highest production
costs for a film up to that point.[113] One Hundred and One Dalmatians introduced animation
technique using the xerography process to electromagnetically transfer the drawings to animation
cels.[114] In 1956, the Sherman brothers, Robert and Richard, were asked to produce a theme song for
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the television series Zorro.[115] The company later hired them as

exclusive staff songwriters, an arrangement that lasted 10 years.
They wrote many of the songs for Disney's films and theme parks,
and several of them were commercial hits.[116][117] In the late
1950s, Disney ventured into comedy with the live-action films The
Shaggy Dog (1959), which became the highest-grossing film in
the U.S. and Canada for Disney at over $9 million,[118] and The
Absent Minded Professor (1961), both starring Fred
MacMurray.[112][119]
The Sherman Brothers, who
composed many of the Disney Disney also made several live-action films based on children's
songs throughout the 1960s, in books including Pollyanna (1960) and Swiss Family Robinson
2002 (1960). Child actor Hayley Mills starred in Pollyanna, for which
she won an Academy Juvenile Award. Mills also starred in five
other
Disney
films,

(left to right) Hayley Mills and Kurt Russell were two of Disney's most prominent child actors in the 1960s.

including a dual role as the twins in The Parent Trap (1961).[120][121] Another child actor Kevin
Corcoran was a prominent figure in many of Disney's live-action films, first appearing in a serial for
The Mickey Mouse Club, where he would play a boy named Moochie. He worked alongside Mills in
Pollyanna, and starred in features such as Old Yeller (1957), Toby Tyler (1960), and Swiss Family
Robinson.[122] In 1964, the live action/animation musical film Mary Poppins was released and
became the year's highest-grossing film. It won five Academy Awards, including Best Actress for Julie
Andrews as Poppins and Best Song for the Sherman Brothers', who also won Best Score for the film's
"Chim Chim Cher-ee".[123][124]

(left to right) Dean Jones, who was considered "the figure who most represented Walt Disney Productions in the
1960s",[125] and Fred MacMurray, who starred in several of Disney's comedies in the 1960s

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Throughout the 1960s, Dean Jones, whom The Guardian called "the figure who most represented
Walt Disney Productions in the 1960s", starred in ten Disney films, including That Darn Cat! (1965),
The Ugly Dachshund (1966), and The Love Bug (1968).[125][126] Disney's last child actor of the 1960s
was Kurt Russell, who had signed a ten-year contract with the company.[127] He featured in films such
as The Computer Wore Tennis Shoes (1969), The Horse in the Gray Flannel Suit (1968) alongside
Dean Jones, The Barefoot Executive (1971), and The Strongest Man in the World (1975).[128]

In late 1959, Walt had an idea to build another park in Palm

Beach, Florida, called the City of Tomorrow, a city that would be
full of technological improvements.[129] In 1964, the company
chose land southwest of Orlando, Florida to build the park and
quickly acquired 27,000 acres (10,927 ha) of land for it. On
November 15, 1965, Walt, along with Roy and Florida's governor
Haydon Burns, announced plans for another park called Disney
World, which included Magic Kingdom—‌a larger version of
Disneyland‍—‌and the City of Tomorrow, which would be at the
park's center.[130] By 1967, the company had made several
expansions to Disneyland, and more rides were added in 1966 and Walt, then Florida Governor Hayden
1967, at a cost of $20 million. [131] The new rides included Walt Burns, and Roy announcing the
Disney's Enchanted Tiki Room, which was the first attraction to plans for Disney World
use audio-animatronics; Walt Disney's Carousel of Progress,
which debuted at the 1964 New York World's Fair before moving
to Disneyland in 1967; and Dumbo the Flying Elephant, which opened a month after the park.[132]

On November 20, 1964, Walt sold most of WED Enterprise to Walt Disney Productions for $3.75
million after being persuaded to by Roy, who thought Walt having his own company would cause legal
problems. Walt formed a new company called Retlaw to handle his personnel business, primarily
Disneyland Railroad and Disneyland Monorail.[133] When the company started looking for a sponsor
for the project, Walt renamed the City of Tomorrow Experimental Prototype Community of
Tomorrow (EPCOT).[134] Walt, who had been a heavy smoker since World War I, experienced
deteriorating health; he visited St. Joseph Hospital on November 2, 1966, for tests. Doctors
discovered a walnut-sized spot on his left lung and a few days later, they found the lung was cancerous
and removed it. Walt was released from hospital after two weeks. He died on December 15, 1966, at
the age of 65, of circulatory collapse caused by lung cancer.[135][136]

1967–1984: Roy O. Disney's leadership and death, Walt Disney World, animation
industry decline, and Touchstone Pictures

In 1967, the last two films Walt had worked on were released; the animated film The Jungle Book,
which was Disney's most successful film for the next two decades, and the live-action musical The
Happiest Millionaire.[137][138] After Walt's death, the company largely abandoned the animation
industry but make several live-action films.[139][140] Its animation staff declined from 500 to 125
employees, with the company only hiring 21 people from 1970 to 1977.[141]

Disney's first post-Walt animated film The Aristocats was released in 1970; according to Dave Kehr of
Chicago Tribune, "the absence of his [Walt's] hand is evident".[142] The following year, the anti-fascist
musical Bedknobs and Broomsticks was released and won the Oscar for Best Special Visual
Effects.[143] At the time of Walt's death, Roy was ready to retire but wanted to keep Walt's legacy alive;
he became the first CEO and chairman of the company.[144][145] In May 1967, Roy had legislation
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passed by Florida's legislatures to grant Disney World its own quasi-government agency in an area
called Reedy Creek Improvement District. Roy also changed Disney World's name to Walt Disney
World to remind people it was Walt's dream.[146][147] Over time, EPCOT became less of the City of
Tomorrow and developed more into another amusement park.[148]

After 18 months of construction at a cost of around $400 million, Walt Disney World's first park the
Magic Kingdom, along with Disney's Contemporary Resort and Disney's Polynesian Resort,[149]
opened on October 1, 1971, with 10,400 visitors. A parade with over 1,000 band members, 4,000
Disney entertainers, and a choir from the U.S. Army marched down Main Street. The icon of the park
was the Cinderella Castle. Three months later on Thanksgiving day, cars traveling to the Magic
Kingdom caused traffic jams along interstate roads.[150][151]

On December 21, 1971, Roy died of cerebral hemorrhage at St. Joseph Hospital.[145] After Roy's death,
Donn Tatum, a senior executive and former president of Disney, became the first non-Disney-family-
member to become CEO and chairman of the board. Card Walker, who had been with the company
since 1938, became its president.[152][153] By June 30, 1973, Disney had over 23,000 employees and
had a gross revenue of $257,751,000 over a nine-month period, compared to the year before when it
made $220,026,000.[154] In November, Disney released the animated film Robin Hood (1973), which
became Disney's biggest international-grossing movie at $18 million.[155] Throughout the 1970s,
Disney released several more live-action films such as The Computer Wore Tennis Shoes ' sequel Now
You See Him, Now You Don't;[156] The Love Bug sequels Herbie Rides Again (1974) and Herbie Goes
to Monte Carlo (1977);[157][158] Escape to Witch Mountain (1975);[159] and Freaky Friday (1976).[160]
In 1976, Card Walker became CEO of the company, with Tatum remaining as chairman until 1980,
when Walker replaced him.[144][153] In 1977, Roy E. Disney, Roy O. Disney's son and the only Disney
working for the company, resigned from his job as an executive because of disagreements with the
company's decisions.[161]

In 1977, Disney released the successful animated film The Rescuers, which grossed $48 million at the
box office.[162] The live-acton/animated musical Pete's Dragon was released in 1977, grossing $16
million in the U.S. and Canada, but was considered a disappointment to the company.[163][164] In
1979, Disney's first PG-rated film and most expensive film up to that point at $26 million dollars The
Black Hole was released, showing Disney could use special effects. It grossed $35 million, which was a
disappointment to the company, which thought it would be a hit like Star Wars (1977). The Black
Hole was a response to other Science fiction films of the era.[165][166]

In September, 12 animators, which was over 15 percent of the department, resigned from the studio.
Led by Don Bluth, they left because of a conflict with the training program and the atmosphere at the
studio, and started their own company Don Bluth Productions.[167][168] In 1981, Disney released
Dumbo to VHS and Alice in Wonderland the following year, leading Disney to eventually release all
its films on home media.[169] On July 24, Walt Disney's World on Ice, a two-year tour of ice shows
featuring Disney charters, made its premiere at the Brendan Byrne Meadowlands Arena after Disney
licensed its characters to Feld Entertainment.[170][171] The same month, Disney's animated film The
Fox and the Hound was released and became the highest-grossing animated film to that point at
$39.9 million.[172] It was the company's first film that did not involve Walt and was the last major
work done by Disney's Nine Old Men, who were replaced with younger animators.[141]

As profits for the company started to decline, on October 1, 1982, Epcot, then known as EPCOT
Center, opened as the second theme park in Walt Disney World, with around 10,000 people in
attendance during the opening.[173][174] The park cost over $900 million to construct, and consisted of
the Future World pavilion and the World Showcase representing Mexico, China, Germany, Italy,
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(left to right) Disneyland's Sleeping Beauty Castle, Magic Kingdom's Cinderella Castle, and Epcot's Spaceship Earth
are each of the park's main icon.

America, Japan, France, the United Kingdom, and Canada; Morocco and Norway were added in 1984
and 1988, respectively.[173][175] The animation industry continued to decline and 69% of the
company's profits were from its theme parks; in 1982, there were 12 million visitors to Walt Disney
World, a figure that declined by 5% the following June.[173] On July 9, 1982, Disney released Tron,
one of the first films to extensively use computer-generated imagery (CGI). Tron was a big influence
on other CGI movies, although it received mixed reviews.[176] In total, in 1982, the company lost $27
million.[177]

On April 15, 1983, Disney's first park outside the U.S. Tokyo Disneyland, opened in Urayasu,
Japan.[178] Costing around $1.4 billion, construction of the park started in 1979 when Disney and The
Oriental Land Company agreed to build a park together. Within its first ten years, the park had over
140 million visitors.[179] After an investment of $100 million, on April 18, Disney started a pay-to-
watch cable television channel called Disney Channel, a 16-hours-a-day service showing Disney films,
twelve programs, and two magazines shows for adults. Although it was expected to do well, the
company lost $48.3 million after its first year, with around 916,000 subscribers.[180][181]

In 1983, Walt's son-in-law Ron W. Miller, who had been president of the company since 1978, became
its CEO, and Raymond Watson became chairman.[144][182] Miller wanted the studio to produce more
content for mature audiences,[183] and as a result, Disney founded the film distribution label
Touchstone Pictures to produce movies geared toward adults and teenagers in 1984.[177] Splash
(1984) was the first film released under the label, and was a much-needed success for the studio,
grossing over $6.1 million in its first week of screening.[184] Later, Disney's first R-rated film Down
and Out in Beverly Hills (1986) was released and was another hit for the company, grossing $62
million.[185] The following year, Disney's first PG-13 rated film Adventures in Babysitting was
released.[186] In 1984, Saul Steinberg attempted to buy out the company, holding 11.1% of the stocks.
He offered to buy 49% of the company for $1.3 billion or the entire company for $2.75 billion. Disney,
which had less than $10 million, rejected Steinberg's offer and offered to buy all of his stock for
$325.5 million. Steinberg agreed, and Disney paid it all with part of a $1.3 billion bank loan, putting
the company $866 million in debt.[187][188]

1984–2005: Michael Eisner's leadership, the Disney Renaissance, merger, and

acquisitions

In 1984, the company's shareholders Roy E. Disney, Sid Bass, Lillian and Diane Disney, and Irwin L.
Jacobs—who together owned about 35.5% of the shares of the company, forced out CEO Miller and
replaced him with Michael Eisner, a former president of Paramount Pictures, and also appointed
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Frank Wells as president.[189] Eisner's first act at Disney was to

make it a major film studio, which at the time it was not
considered. Eisner appointed Jeffrey Katzenberg as chairman and
Roy E. Disney as head of the animation division. Eisner wanted
the company to produce an animated film every 18 months rather
than every four years, as the company had been doing. To help
with the film division, the company started making Saturday-
morning cartoons to create new Disney characters for
merchandising, and produced several films through Touchstone.
Under Eisner, Disney became more involved with television,
creating Touchstone Television and producing the television
situation comedy The Golden Girls, which was a hit. The company
also spent $15 million promoting its theme parks, raising visitor
numbers by 10%.[190][191] In 1984, Disney produced The Black
Cauldron, then the most-expensive animated movie at $40
million, their first animated film to feature computer-generated Michael Eisner replaced Ron Miller
imagery, and also their first PG-rated animated film because of its as CEO.
adult themes. The film was a box-office failure, leading the
company to move the animation department from the studio in
Burbank into a warehouse in Glendale, California.[192] The film-financing partnership Silver Screen
Partners II, which was organized in 1985, financed films for Disney with $193 million. In January
1987, Silver Screen Partners III began financing movies for Disney with $300 million raised by E.F.
Hutton, the largest amount raised for a film-financing limited partnership.[193] Silver Screen IV was
also set up to finance Disney's studios.[194]

In 1986, the company changed its name from Walt Disney Productions to The Walt Disney Company,
stating the old name only referred to the film industry.[195] With Disney's animation industry
declining, the animation department needed its next movie The Great Mouse Detective to be a
success. It grossed $25 million at the box office, becoming a much-needed financial success for the
company.[196] To generate more revenue from merchandising, the company opened its first retail
store Disney Store in Glendale in 1987. Because of its success, the company opened two more stores in
California, and by 1990, it had 215 stores throughout the U.S.[197][198] In 1989, the company garnered
$411 million in revenue and made a profit of $187 million.[199] In 1987, the company signed an
agreement with the Government of France to build a resort named Euro Disneyland in Paris; it would
consist of two theme parks named Disneyland Park and Walt Disney Studios Park, a golf course, and
six hotels.[200][201]

In 1988, Disney's 27th animated film Oliver & Company was

released the same day as that of former Disney animator Don
Bluth's The Land Before Time. Oliver & Company out-competed
The Land Before Time, becoming the first animated film to gross
over $100 million in its initial release, and the highest-grossing
animated film in its initial run.[202][203] At the time, Disney
became the box-office-leading Hollywood studio for the first time,
with films such as Who Framed Roger Rabbit (1988), Three Men Hollywood Studios' park icon, the
and a Baby (1987), and Good Morning, Vietnam (1987). The Chinese Theatre
company's gross revenue went from $165 million in 1983 to $876
million in 1987, and operating income went from −$33 million in
1983 to +130 million in 1987. The studio's net income rose by 66%, along with a 26% growth in
revenue. Los Angeles Times called Disney's recovery "a real rarity in the corporate world".[204] On
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May 1, 1989, Disney opened Disney-MGM Studios, its third amusement park at Walt Disney World,
and later became Hollywood Studios. The new park demonstrated to visitors the movie-making
process, until 2008, when it was changed to make guests feel as though they are in movies.[205]
Following the opening of Disney-MGM Studios, Disney opened the water park Typhoon Lagoon on
June 1, 1989; in 2008, it had 2.8 million visitors.[206] Also in 1989, Disney signed an agreement-in-
principle to acquire The Jim Henson Company from its founder Jim Henson. The deal included
Henson's programming library and Muppet characters—excluding the Muppets created for Sesame
Street—as well as Henson's personal creative services. Henson, however, died in May 1990 before the
deal was completed, resulting in the two companies terminating merger negotiations the following
December.[207][208][209]

On November 17, 1989, Disney released The Little Mermaid, which is considered to be the start of the
Disney Renaissance, a period in which the company released hugely successful and critically
acclaimed animated films. During its release, it became the animated film with the highest gross from
its initial run and garnered $233 million at the box office; it also won two Academy Awards; Best
Original Score and Best Original Song for "Under the Sea".[210][211] During the Disney Renaissance,
composer Alan Menken and lyricist Howard Ashman wrote several Disney songs until Ashman died in
1991. Together they wrote six songs that were nominated for Academy Awards; with two winning
songs—"Under the Sea" and "Beauty and the Beast".[212][213] To produce music geared for the
mainstream, including music for movie soundtracks, Disney founded the recording label Hollywood
Records on January 1, 1990.[214][215] In September 1990, Disney arranged for financing of up to $200
million by a unit of Nomura Securities for Interscope films made for Disney. On October 23, Disney
formed Touchwood Pacific Partners, which replaced the Silver Screen Partnership series as the
company's movie studios' primary source of funding.[194] Disney's first animated sequel The Rescuers
Down Under was released on November 16, 1990, and was created using Computer Animation
Production System (CAPS), a digital software that was developed by Disney and Pixar—the computer
division of Lucasfilm—becoming the first feature film to be entirely created digitally.[211][216]
Although the film struggled in the box office, grossing $47.4 million, it received positive reviews from
critics.[217][218] In 1991, Disney and Pixar agreed to a deal to make three films together, the first one
being Toy Story.[219]

Dow Jones & Company, wanting to replace three companies in its industrial average, chose Disney in
May 1991, statement Disney "reflects the importance of entertainment and leisure activities in the
economy".[220] Disney's next animated film Beauty and the Beast was released on November 13, 1991,
and grossed nearly $430 million.[221][222] It was the first animated film to win a Golden Globe for
Best Picture, and it received six Academy Award nominations, becoming the first animated film to be
nominated for Best Picture Oscar; it won Best Score, Best Sound, and Best Song for "Beauty and the
Beast".[223] The film was critically acclaimed, with some critics considering it to be the best Disney
film.[224][225] To coincide with the 1992 release of The Mighty Ducks, Disney founded the National
Hockey League team The Mighty Ducks of Anaheim.[226] Disney's next animated feature Aladdin was
released on November 11, 1992, and grossed $504 million, becoming the highest-grossing animated
film up to that point, and the first animated film to gross a half-billion dollars.[227][228] It won two
Academy Awards—Best Song for "A Whole New World" and Best Score;[229] and "A Whole New
World" was the first-and-only Disney song to win the Grammy for Song of the Year.[230][231] For $60
million, Disney broadened its range of mature-audience films by acquiring independent film
distributor Miramax Films in 1993.[232] The same year, in a joint venture with The Nature
Conservancy, Disney purchased 8,500 acres (3,439 ha) of Everglades headwaters in Florida to protect
native animals and plant species, establishing the Disney Wilderness Preserve.[233]

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On April 3, 1994, Frank Wells died in a helicopter crash; he,

Eisner, and Katzenberg helped the company's market value go
from $2 billion to $22 billion since taking office in 1984.[234] On
June 15 the same year, The Lion King was released and was a
massive success, becoming the second-highest-grossing film of all
time behind Jurassic Park and the highest-grossing animated film
of all time, with a gross total of $968.5 million.[235][236] It was
critically praised and garnered two Academy Awards—Best Score
and Best Song for "Can You Feel the Love Tonight".[237][238] Soon
after its release, Katzenberg left the company after Eisner refused
to promote him to president. After leaving, he co-founded film
studio DreamWorks SKG.[239] Wells was later replaced with one
of Eisner's friends Michael Ovitz on August 13, 1995.[240][241] In
1994, Disney wanted to buy one of the major U.S. television
networks ABC, NBC, or CBS, which would give the company
guaranteed distribution for its programming. Eisner planned to
Jeffrey Katzenberg was chairman of buy NBC but the deal was canceled because General Electric
Walt Disney Studios from 1984 to wanted to keep a majority stake.[242][243] In 1994, Disney's annual
1995. revenue reached $10.1 billion, 48% coming from the film industry,
34% from theme parks, and 18% from merchandising. Disney's
total net income was up 25% from the previous year at $1.1
billion. [244] Grossing over $346 million, Pocahontas was released on June 16, garnering the Academy
Awards for Best Musical or Comedy Score and Best Song for "Colors of the Wind".[245][246] Pixar's
and Disney's first co-release was the first-ever fully computer-generated film Toy Story, which was
released on November 19, 1995, to critical acclaim and an end-run gross total of $361 million. The
film won the Special Achievement Academy Award and was the first animated film to be nominated
for Best Original Screenplay.[247][248]

In 1995, Disney announced the $19 billion acquisition of television network Capital Cities/ABC Inc.,
which at the time was the second-largest corporate takeover in U.S. history. Through the deal, Disney
would obtain broadcast network ABC, an 80% majority stake in sports networks ESPN and ESPN 2,
50% in Lifetime Television, a majority stake of DIC Entertainment, and a 37.5% minority stake in
A&E Television Networks.[244][249][250] Following the deal, the company started Radio Disney, a
youth-focused radio program on ABC Radio Network, on November 18, 1996.[251][252] The Walt
Disney Company launched its official website disney.com on February 22, 1996, mainly to promote its
theme parks and merchandise.[253] On June 19 the same year, the company's next animated film The
Hunchback of Notre Dame was released, grossing $325 million at the box office.[254] Because Ovitz's
management style was different from Eisner's, Ovitz was fired as the company's president in
1996.[255] Disney lost a $10.4 million lawsuit in September 1997 to Marsu B.V. over Disney's failure to
produce as contracted 13 half-hour Marsupilami cartoon shows. Instead, Disney felt other internal
"hot properties" deserved the company's attention.[256] Disney, which since 1996 had owned a 25%
stake in the Major League Baseball team California Angels, bought out the team in 1998 for $110
million, renaming it Anaheim Angels and renovating their stadium for $100 million.[257][258]
Hercules (1997) was released on June 13, and underperformed at the box office compared to earlier
films, grossing $252 million.[259] On February 24, Disney and Pixar signed a ten-year contract to
make five films together with Disney as the distributor. They would share the cost, profits, and logo
credits, calling the films Disney-Pixar productions.[260] During the Disney Renaissance, film division
Touchstone also saw success with film such as Pretty Woman (1990), which has the highest number
of ticket sales in the U.S. for a romantic comedy and grossed $432 million;[261][262] Sister Act (1992),

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which was one of the more financially successful comedies of the early 1990s, grossing $231
million;[263] action film Con Air (1997), which grossed $224 million;[264] and the highest-grossing
film of 1998 at $553 million Armageddon (1998).[265]

(left to right) Disney's Animal Kingdom's, the largest theme park, main icon the Tree of Life, and Disney Cruise Line's
first cruise ship Disney Magic, which first set sail on July 30, 1998

At Disney World, the company opened Disney's Animal Kingdom, the largest theme park in the world
covering 580 acres (230 ha) on Earth Day, April 22, 1998. It had six animal-themed lands, over 2,000
animals, and the Tree of Life at its center.[266][267] Receiving positive reviews, Disney's next animated
films Mulan and Disney-Pixar film A Bug's Life were released on June 5 and November 20, 1998,
respectively.[268][269] Mulan became the year's sixth-highest-grossing film at $304 million, and A
Bug's Life was the year's fifth-highest at $363 million.[265] In a $770-million transaction, on June 18,
Disney bought a 43% stake of Internet search engine Infoseek for $70 million, also giving it Infoseek-
acquired Starwave.[270][271] Starting web portal Go.com in a joint venture with Infoseek on January
12, 1999, Disney acquired the rest of Infoseek later that year.[272][273] After unsuccessful negotiations
with cruise lines Carnival and Royal Caribbean International, in 1994, Disney announced it would
start its own cruise-line operation in 1998.[274][275] The first two ships of the Disney Cruise Line
would be named Disney Magic and Disney Wonder, and would be built by Fincantieri in Italy. To
accompany the cruises, Disney bought Gorda Cay as the line's private island, and spent $25 million
remodeling it and renaming it Castaway Cay. On July 30, 1998, Disney Magic set sail as the line's first
voyage.[276]

Marking the end of the Disney Renaissance, Tarzan (1999) was released on June 12, garnering $448
million at the box office and critical acclaim; it also claimed the Academy Award for Best Original
Song for Phil Collins' "You'll Be in My Heart".[277][278][279][280] Disney-Pixar film Toy Story 2 was
released on November 13, garnering praise and $511 million at the box office.[281][282] To replace
Ovitz, Eisner named ABC network chief Bob Iger Disney's president and chief operating officer on
January 25, 2000.[283][284] In November, Disney sold DIC Entertainment back to Andy Heward,
although still doing business with it.[285] Disney had another huge success with Pixar when they
released Monsters, Inc. in 2001. Later, Disney bought children's cable network Fox Family Worldwide
for $3 billion and the assumption of $2.3 billion in debt. The deal also included 76% stake in Fox Kids
Europe, Latin American channel Fox Kids, more than 6,500 episodes from Saban Entertainment's
programming library, and Fox Family Channel.[286] In 2001, Disney's operations had with a net loss
of $158 million after a decline in viewership of the ABC television network, as well as decreased
tourism due to the September 11 attacks. Disney earnings in fiscal 2001 were $120 million compared
with the previous year's $920 million. To help reduce costs, Disney announced it would be lay off
4,000 employees and close 300 to 400 Disney Store outlets.[287][288] After winning the World Series
in 2002, Disney sold the Anaheim Angels to businessman Arturo Moreno for $180 million in
2003.[289][290] In 2003, Disney became the first studio to garner $3 billion in a year at the box

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office.[291] The same year, Roy Disney announced his retirement

because of the way the company was being run, calling on Eisner
to retire; the same week, board member Stanley Gold retired for
the same reasons. Gold and Disney formed the "Save Disney"
campaign.[292][293]

In 2004, at the company's

annual meeting, the
shareholders in a 43% vote
voted Eisner out of his
position as chairman of the
board.[294] On March 4,
Disney bought The Muppets from
the Jim Henson Company in 2004.
George J. Mitchell, who was a
member of the board, was
named as Eisner's
replacement. [295] In April, Disney purchased the Muppets
franchise from the Jim Henson Company for $75 million,
founding Muppets Holding Company, LLC.[296][297] Following the
success of Disney-Pixar films Finding Nemo (2003), which Roy E. Disney, Roy O. Disney's son,
became the second highest-grossing animated film of all time at was head of the animation
$936 million, and The Incredibles (2004),[298][299] Pixar looked department until 2003.
for a new distributor once its deal with Disney ended in 2004.[300]
Disney sold the loss-making Disney Stores chain of 313 stores to
Children's Place on October 20.[301] Disney also sold the NHL team Mighty Ducks to Henry Samueli
and his wife Susan in 2005.[302] Roy E. Disney decided to rejoin the company and was given the role
of consultant with the title "Director Emeritus".[303]

2005–2020: Bob Iger's first tenure, expansion, and Disney+

In March 2005, Bob Iger, president of the company, became CEO

of Disney after Eisner's retirement in September; Iger was
officially named head of the company on October 1.[304][305]
Disney's eleventh theme park Hong Kong Disneyland opened on
September 12, costing the company $3.5 billion to construct.[306]
On January 24, 2006, Disney began talks to acquire Pixar from
Steve Jobs for $7.4 billion, and Iger appointed Pixar chief creative
officer (CCO) John Lasseter and president Ed Catmull the heads
of the Walt Disney Animation Studios.[307][308] A week later,
Disney traded ABC Sports commentator Al Michaels to
NBCUniversal in exchange for the rights to Oswald the Lucky
Rabbit and 26 cartoons featuring the character.[309] On February
6, the company announced it would be merging its ABC Radio
networks and 22 stations with Citadel Broadcasting in a $2.7
Bob Iger became CEO of Disney in
billion deal, though which Disney acquired 52% of television
2005, expanding the company's broadcasting company Citadel Communications.[310][311] The
properties Disney Channel movie High School Musical aired and its
soundtrack was certified triple platinum, becoming the first
Disney Channel film to do so.[312]

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Disney's 2006 live-action film Pirates of the Caribbean: Dead Man's Chest was Disney's biggest hit to
that date and the third-highest-grossing film ever, making a little over $1 billion at the box office.[313]
On June 28, the company announced it was replacing George Mitchell as chairman with one of its
board members and former CEO of P&G John E. Pepper Jr. in 2007.[295] The sequel High School
Musical 2 was released in 2007 on Disney Channel and broke several cable rating records.[314] In
April 2007, the Muppets Holding Company was moved from Disney Consumer Products to the Walt
Disney Studios division and renamed the Muppets Studios as part of efforts to relaunch the
division.[315][316] Pirates of the Caribbean: At World's End became the highest-grossing film of 2007
at $960 million.[317] Disney-Pixar films Ratatouille (2007) and WALL-E (2008) were a tremendous
success, with WALL-E winning the Oscar for Best Animated Feature.[318][319][320] After acquiring
most of Jetix Europe through the acquisition of Fox Family Worldwide, Disney bought the remainder
of the company in 2008 for $318 million.[321]

Bob Iger introduced D23 in 2009 as Disney's official fan club, with a biennial exposition event named
D23 Expo.[322][323] In February, Disney announced a distribution deal with DreamWorks Pictures to
distribute 30 of their films over the next five years through Touchstone Pictures, with Disney getting
10% of the gross.[324][325] The 2009 film Up garnered Disney $735 million at the box office, and the
film won Best Animated Feature at the Academy Awards.[326][327] Later that year, Disney launched a
television channel named Disney XD, which was aimed at older children.[328] The company bought
Marvel Entertainment and its assets for $4 billion in August, adding Marvel's comic-book characters
to its merchandising line-up.[329] In September, Disney partnered with News Corporation and
NBCUniversal in a deal in which all parties would obtain 27% equity in streaming service Hulu, and
Disney added ABC Family and Disney Channel to the streaming service.[330] On December 16, Roy E.
Disney died of stomach cancer; he was the last member of the Disney family to work for Disney.[331]
In March 2010, Haim Saban reacquired from Disney the Power Rangers franchise, including its 700-
episode library, for around $100 million.[332][333] Shortly after, Disney sold Miramax Films to an
investment group headed by Ronald Tutor for $660 million.[334] During that time, Disney released
the live-action Alice in Wonderland and the Disney-Pixar film Toy Story 3, both of which grossed a
little over $1 billion, making them the sixth-and-seventh films to do so; and Toy Story 3 became the
first animated film to make over $1 billion and the highest-grossing animated film. That year, Disney
became the first studio to release two $1-billion-dollar-earning films in one calendar year.[335][336] In
2010, the company announced ImageMovers Digital, which it started in partnership with
ImageMovers in 2007, would be closing by 2011.[337]

The following year, Disney released its last traditionally animated film Winnie the Pooh to
theaters.[338] The release of Pirates of the Caribbean: On Stranger Tides garnered a little over $1
billion, making it the eighth film to do so and Disney's highest-grossing film internationally, as well as
the third-highest ever.[339] In January 2011, the size of Disney Interactive Studios was reduced and
200 employees were laid off.[340] In April, Disney began constructing its new theme park Shanghai
Disney Resort, costing $4.4 billion to build.[341] In August, Bob Iger stated after the success of the
Pixar and Marvel purchases, he and the Walt Disney Company were planning to "buy either new
characters or businesses that are capable of creating great characters and great stories".[342] On
October 30, 2012, Disney announced it would be buying Lucasfilm for $4.05 billion from George
Lucas. Through the deal, Disney gained access to franchises such as Star Wars, for which Disney said
it would make a new film for every two-to-three years, first one being released in 2015. The deal also
gave Disney access to the Indiana Jones franchise, visual-effects studio Industrial Light & Magic, and
video game developer LucasArts.[343][344] The sale was completed on December 21, 2012.[345]

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In early February 2012, Disney completed its acquisition of

UTV Software Communications, expanding its market further
into India and the rest of Asia.[346] By March, Iger became
Pixar had been making films with Disney
Disney's chairman.[347] Marvel film The Avengers became the
from 1995 to 2005, until Disney bought
third-highest-grossing film of all time with an initial-release
them out in 2006 as one of their
gross of $1.3 billion.[348] Making over $1.2 billion at the box
subsidiaries.
office, the Marvel film Iron Man 3 was released in 2013.[349]
The same year, Disney's animated film Frozen was released
and became the highest-grossing animated film of all time at
$1.2 billion.[350][351] Merchandising for the film became so
popular it made the company $1 billion within a year, and a
global shortage of merchandise for the film occurred.[352][353]
In March 2013, Iger announced Disney had no 2D animation Marvel became a subsidiary of Disney in
films in development, and a month, later the hand-drawn 2009 after Disney acquired them for $4
animnation division was closed, and several veteran billion.
animators were laid off.[338] On March 24, 2014, Disney
acquired Maker Studios, an active multi-channel network on
YouTube, for $950 million.[354]

On February 5, 2015, Disney announced Thomas O. Staggs After purchasing Lucasfilm in 2012,
had been promoted to COO.[355] In June, the company stated Disney vowed to make more Star Wars
its consumer products and interactive divisions would merge films.
to become new a subsidiary called Disney Consumer Products
and Interactive Media.[356] In August, Marvel Studios was
reorganized and placed under the division Walt Disney
Studios.[357] The company's 2015 releases include the
successful animated film Inside Out, which grossed over
$800 million, and the Marvel film Avengers: Age of Ultron, In 2019, as Disney's biggest move yet,
they bought most of 21st Century Fox's
which grossed over $1.4 billion.[358][359] Star Wars: The
assets for $71 billion, rebranding some of
Force Awakens was released and grossed over $2 billion,
them like the studio 20th Century Fox as
making it the third-highest-grossing film of all time.[360] In
20th Century Studios.
October, Disney announced the television channel ABC
Family would be changing its name to Freeform in 2016 to
broaden its audience.[361][362] On April 4, 2016, Disney
announced COO Thomas O. Staggs, who was thought to be next in line after Iger, would leave the
company in May 2016, ending his 26-year career with Disney.[363] Shanghai Disneyland opened on
June 16, 2016, as the company's sixth theme-park resort.[364] In a move to start a streaming service,
Disney bought 33% of the stock in Major League Baseball technology company BAMtech for $1 billion
in August.[365] In 2016, four Disney film releases made over $1 billion; these were the animated film
Zootopia, Marvel film Captain America: Civil War, Pixar film Finding Dory, and Rogue One: A Star
Wars Story, making Disney the first studio to surpass $3 billion at the domestic box office.[366][367]
Disney also made an attempt to buy social media platform Twitter to market their content and
merchandise but ultimately canceled the deal; Iger stated this was because he thought Disney would
be taking on responsibilities it did not need and that it did not "feel Disney" to him.[368]

On March 23, 2017, Disney announced Iger had agreed to a one-year extension of his term as CEO to
July 2, 2019, and to remain with the company as a consultant for three years.[369][370] On August 8,
2017, Disney announced it would be ending its distribution deal with streaming service Netflix, with
the intent of launching its own streaming platform built with BAMtech's technology by 2019. During
that time, Disney paid $1.5 billion to acquire a 75% stake in BAMtech. Disney also planned to start an
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ESPN streaming service with about "10,000 live regional, national, and international games and
events a year" by 2018.[371][372] In November, CCO John Lasseter said he would take a six-month
absence from the company because of "missteps", which were later reported to be sexual misconduct
allegations.[373] The same month, Disney and 21st Century Fox started negotiating a deal in which
Disney would acquire most of Fox's assets.[374] Beginning in March 2018, a strategic reorganization of
the company led to the creation of business segments Disney Parks, Experiences and Products and
Direct-to-Consumer & International. Parks & Consumer Products was primarily a merger of Parks &
Resorts and Consumer Products & Interactive Media, while Direct-to-Consumer & International took
over for Disney International and global sales, distribution, and streaming units from Disney-ABC TV
Group and Studios Entertainment plus Disney Digital Network.[375] CEO Iger described it as
"strategically positioning our businesses for the future" while according to The New York Times, the
reorganization was done in expectation of the 21st Century Fox purchase.[376]

In 2017, two of Disney's films had revenues of over $1 billion; the live-action Beauty and the Beast
and Star Wars: The Last Jedi.[377][378] Disney launched subscription sports streaming service ESPN+
on April 12.[379] In June 2018, Lasseter's departure from the company by the end of the year was
announced; he would stay as a consultant until then.[380] To replace him; Disney promoted Jennifer
Lee, co-director of Frozen and co-writer of Wreck-it Ralph (2012), as head of Walt Disney Animation
Studios; and Pete Docter, who had been with Pixar since 1990 and directed Up, The Incredibles, and
Inside Out, as head of Pixar.[381][382] Later that month, Comcast offered to buy 21st Century Fox for
$65 billion over Disney's $51 billion bid but withdrew its offer after Disney countered with a $71
billion bid; and Comcast shifted focus to buy Fox's Sky plc instead. Disney obtained an AntiTrust
approval from the United States Department of Justice to acquire Fox.[383][384] Disney again made $7
billion at the box office with three film that made $1 billion; Marvel films Black Panther and
Avengers: Infinity War—the latter taking over $2 billion and becoming the fifth-highest-grossing film
ever— and Pixar film Incredibles 2.[385][386]

On March 20, 2019, Disney acquired 21st Century Fox's assets for
$71.3 billion from Rupert Murdoch, making it the biggest
acquisition in Disney's history. After the purchase, The New York
Times described Disney as "an entertainment colossus the size of
which the world has never seen".[387] Through the acquisition,
Disney gained 20th Century Fox; 20th Century Fox Television;
Fox Searchlight Pictures; National Geographic Partners; Fox
Networks Group; Indian television broadcaster Star India; and Disney's video streaming
streaming services Star+, and Hotstar; and a 30% stake in Hulu, subscription service Disney+ was
bringing its ownership on Hulu to 60%. Fox Corporation and its launched in 2019, which has a total
of over 135 million subscriptions as
assets were excluded from the deal because of antitrust
of June 2022.
laws.[388][389] Disney also became the first film studio to have
seven films gross $1 billion: Marvel's Captain Marvel, the live
action Aladdin, Pixar's Toy Story 4, the CGI remake of The Lion
King, Star Wars: The Rise of Skywalker, and the highest-grossing film of all time up to that point at
$2.797 billion Avengers: Endgame.[390][391] On November 12, Disney's subscription video on-
demand over-the-top streaming service Disney+, which had 500 movies and 7,500 episodes of
television shows from Disney, Pixar, Marvel, Star Wars, National Geographic, and other brands, was
launched in the United States, Canada, and the Netherlands. Within the first day, the streaming

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platform had over 10 million subscriptions; and by 2022 it had over 135 million subscribers, and was
available in over 190 countries.[392][393] At the beginning of 2020, Disney removed the Fox name
from its assets, rebranding them as 20th Century Studios and Searchlight Pictures.[394]

2020–2022: Bob Chapek's leadership, and COVID-19 pandemic

Bob Chapek, who had been with the company for 18 years and was
chairman of Disney Parks, Experiences and Products, became
CEO of Disney after Iger resigned on February 25, 2020. Iger said
he would stay with the company as an Executive Chairman until
December 31, 2021, to help with its creative strategy.[395][396] In
April, Iger resumed operational duties as executive chairman to
help the company during the COVID-19 pandemic, and Chapek
was appointed to the board of directors.[397][398] During the
pandemic, Disney closed all of its theme parks, delayed the release
of several movies, and stopped all operations on its cruise
line.[399][400][401] Due to the closures, Disney announced it would
stop paying 100,000 employees but would still provide full
healthcare benefits, and urged U.S. employees to apply for
government benefits, saving the company $500 million a month.
Iger gave up his $47.5 million salary and Chapek took a 50%
salary reduction.[402]

Bob Chapek became CEO after Bob In the company's second fiscal quarter of 2020, Disney reported a
Iger's retirement. $1.4 billion loss, with a fall in earnings of 91% to $475 million
from the previous year's $5.4 billion.[403] By August, two-thirds of
the company was owned by large financial institutions.[404] In
September, the company dismissed 28,000 employees, 67% of whom were part-time workers, from
its Parks, Experiences and Products division. Chairman of the division Josh D'Amaro wrote; "We
initially hoped that this situation would be short-lived, and that we would recover quickly and return
to normal. Seven months later, we find that has not been the case." Disney lost $4.7 billion in its fiscal
third quarter of 2020.[405] In November, Disney laid off another 4,000 employees from the Parks,
Experiences and Products division, raising the total to 32,000 employees.[406] The following month,
Disney named Alan Bergman as chairman of its Disney Studios Content division to oversee its film
studios.[407] Due to the COVID-19 recession, Disney closed its animation studio Blue Sky Studios in
February 2021.[408] Touchstone Television ceased operations in December, and Disney announced in
March 2021 it would be launching a new division called 20th Television Animation to focus on mature
audiences.[409][410] In April, Disney and Sony agreed to a multi-year licensing deal that would give
Disney access to Sony's films from 2022 to 2026 to televise or stream on Disney+ once Sony's deal
with Netflix ended.[411] Although it performed poorly at the box office because of COVID-19, Disney's
animated film Encanto (2021) was one of the biggest hits during the pandemic, with its song "We
Don't Talk About Bruno" becoming popular.[412][413]

After Iger's term as executive chairman ended on December 31, he announced he would also resign as
chairman of the board. To replace him, the company brought in an operating executive at The Carlyle
Group and current board member Susan Arnold as Disney's first female chairperson.[414] On March
10, Disney ceased all operations in Russia because of Russia's invasion of Ukraine, and became was
the first major Hollywood studio to halt the release of a major motion picture due to Russia's
invasion; other movie studios followed soon after.[415] In March 2022, around 60 employees
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protested the company's silence on the Florida Parental Rights in Education Act that was dubbed the
Don't Say Gay Bill, and prohibits non-age-appropriate classroom instruction on sexual orientation
and gender identity in Florida's public-school districts. The protest was dubbed the "Disney Do Better
Walkout"; employees protested near a Disney Studios lot for about a week, and some other employees
voiced their concerns through social media. Employees called on Disney to stop campaign
contributions to Florida politicians who supported the bill, to help protect employees from it, and to
stop construction at Walt Disney World in Florida. Chapek responded by stating the company had
made a mistake by staying silent and said; "We pledge our ongoing support of the LGBTQ+
community".[416][417]

Amid Disney's response to the bill, the Florida Legislature passed a bill to remove Disney's quasi-
government district Reedy Creek; Florida Governor Ron DeSantis signed the bill, which took effect on
June 1.[418] On June 28, Disney's board members unanimously agreed to give Chapek a three-year
contract extension.[419] In August, Disney Streaming exceeded Netflix in total subscriptions with 221
million subscribers compared to Netflix's 220 million.[420]

2022 - present: Bob Iger's return

On November 20, 2022, Iger accepted the position of Disney's CEO after
Chapek was dismissed following poor earnings performance and a series of
decisions that were unpopular with other executives.[421][422] The board Disney's promotional
announced Iger would serve for two years with a mandate to develop a logo for its centennial.
strategy for renewed growth and help identify a successor.[423]

In February 2023, Disney announced that it would be cutting $5.5 billion in costs, which includes
eliminating 7,000 jobs representing 3% of its workforce. Disney plans to reorganize into three
divisions: Entertainment, ESPN, and Parks, Experiences and Products.[424]

In the last week of April 2023, Disney will implement the second and largest wave of job cuts,
affecting Disney Parks, Disney Entertainment, ESPN, and the Experiences and Product division. This
move is part of the company's plan to cut costs by $5.5 billion.[425]

In 2023, Disney began its "100 Years of Wonder" campaign in celebration of the centennial
anniversary of the company's founding. This included a new animated centennial logo intro for the
Walt Disney Pictures division, a touring exhibition, special events at the parks and a well-received
commemorative commercial that aired during Super Bowl LVII.[426][427]

Company units
The Walt Disney Company operates three primary business segments:

Disney Entertainment oversees the company's full portfolio of entertainment media and content
businesses globally, including The Walt Disney Studios, Disney General Entertainment Content,
Disney Streaming and Disney Platform Distribution. The division is led by Alan Bergman and
Dana Walden.
ESPN is responsible for the management and supervision of the company's portfolio of sports
content, products, and experiences across all of Disney's platforms worldwide, including its
international sports channels. The division is led by James Pitaro.

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Disney Parks, Experiences and Products (DPEP) encompasses the company's theme parks,
cruise line, resort destinations, and Adventures by Disney and National Geographic Expeditions,
as well as Disney's global consumer products, games, and publishing businesses. The division is
led by Josh D'Amaro.

Leadership

Current

Board of directors[428]

Mark Parker (Chairman)

Mary Barra
Safra Catz
Amy Chang Team Disney building in Burbank,
Francis deSouza which is the main building at the
Carolyn Everson Walt Disney Studios, houses the
Michael Froman offices of Disney's CEO and several
Bob Iger other senior corporate officials.

Maria Elena Lagomasino

Calvin McDonald
Derica W. Rice

Executives[428]

Bob Iger, Chief Executive Officer

Asad Ayaz, Chief Brand Officer
Alan Bergman, Co-Chairman, Disney Entertainment
Rebecca Campbell, Chairman, International Content and Operations
Jennifer Cohen, Executive Vice President, Corporate Social Responsibility
Sonia Coleman, Senior Executive Vice President and Chief Human Resources Officer
David Bowdich, Senior Vice President and Chief Security Officer
Latondra Newton, Senior Vice President, Chief Diversity Officer
Josh D'Amaro, Chairman, Disney Parks, Experiences and Products
Horacio Gutierrez, Senior Executive Vice President, General Counsel and Chief Compliance
Officer
Jolene Negre, Associate General Counsel and Secretary
Christine McCarthy, Senior Executive Vice President and Chief Financial Officer
Carlos A. Gómez, Senior Vice President and Treasurer
Diane Jurgens, Executive Vice President, Enterprise Technology and Chief Information
Officer
Alexia S. Quadrani, Senior Vice President, Investor Relations
Brent Woodford, Executive Vice President, Controllership, Finance and Tax

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James Pitaro, Chairman, ESPN

Kristina Schake, Senior Executive Vice President and Chief Communications Officer
Dana Walden, Co-Chairman, Disney Entertainment

Past leadership
Executive chairmen
Bob Iger (2020–2021)

Chairmen
Walt Disney (1945–1960)
Roy O. Disney (1964–1971)
Donn Tatum (1971–1980)
Card Walker (1980–1983)
Raymond Watson (1983–1984)
Michael Eisner (1984–2004)
George J. Mitchell (2004–2006)
John E. Pepper Jr. (2007–2012)
Bob Iger (2012–2021)
Susan Arnold (2022–2023)
Mark Parker (2023–present)

Vice chairmen
Roy E. Disney (1984–2003)
Sanford Litvack (1999–2000)[c][429]

Presidents
Walt Disney (1923–1945)
Roy O. Disney (1945–1968)
Donn Tatum (1968–1971)
Card Walker (1971–1980)
Ron W. Miller (1980–1984)
Frank Wells (1984–1994)
Michael Ovitz (1995–1997)
Michael Eisner (1997–2000)
Bob Iger (2000–2012)

Chief executive officers (CEO)

Roy O. Disney (1929–1971)
Donn Tatum (1971–1976)
Card Walker (1976–1983)
Ron W. Miller (1983–1984)
Michael Eisner (1984–2005)
Bob Iger (2005–2020; 2022–present)
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Bob Chapek (2020–2022)

Chief operating officers

Card Walker (1968–1976)
Ron W. Miller (1980–1984)
Frank Wells (1984–1994)
Thomas O. Staggs (2015–2016)

Awards and nominations

As of 2022, the Walt Disney Company has won 135 Academy Awards, 32 of them were awarded to
Walt. The company has won 16 Academy Awards for Best Animated Short Film, 16 for Best Original
Song, 15 for Best Animated Feature, 11 for Best Original Score, 5 for Best Documentary Feature, 5 for
Best Visual Effects, and several others as well special awards.[430] Disney has also won 29 Golden
Globe Awards, 51 British Academy of Film and Television Arts (BAFTA) awards, and 36 Grammy
Awards as of 2022.[431][432][433][d]

Legacy
The Walt Disney Company is one of the world's largest entertainment companies and is considered to
be a pioneer in the animation industry, having produced 790 features, 122 of which are animated
films.[452][453] Many of their films are considered to be the greatest of all time, including Pinocchio,
Toy Story, Bambi, Ratatouille, Snow White and the Seven Dwarfs, and Mary Poppins.[454][455][456]
Disney has also created some of the most influential and memorable fictional characters of all time,
such as Mickey Mouse, Woody, Captain America (MCU), Jack Sparrow, Iron Man (MCU), and
Elsa.[17][457][458]

Disney has been recognized for revolutionizing the animation industry; according to Den of Geek, the
risk of making the first animated feature Snow White and the Seven Dwarfs has "changed
cinema".[459] The company, mainly through Walt, has introduced new technologies and more-
advanced techniques for animating, as well as adding personalities to characters.[460][138] Some of
Disney's technological innovations for animation include invention of the multiplane camera,
xerography, CAPS, deep canvas, and RenderMan.[216] Many songs from the company's films have
become extremely popular, and several have peaked at number one on Billboard's Hot 100.[461] Some
songs from the Silly Symphonies series became immensely popular across the U.S.[26]

Disney has been ranked number 53 in the 2022 Fortune 500 list of the largest United States
corporations by total revenue and fourth in Fortune's 2022 "World's Most Admired
Companies".[2][462] According to Smithsonian Magazine, there are "few symbols of pure Americana
more potent than the Disney theme parks", which are "well-established cultural icons", with the
company name and Mickey Mouse being "household names".[463] Disney is one of the biggest
competitors in the theme park industry with 12 parks, all of which were the top-25 most-visited parks
in 2018. Disney theme parks worldwide had over 157 million visitors, making it the most-visited
theme-park company in the world, doubling the attendance number of the second-most-visited
company. Of the 157 million visitors, the Magic Kingdom had 20.8 million of the guests, making it the
most-visited theme park in the world.[464][465] When Disney first entered the theme park industry,

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CNN stated: "It changed an already legendary company. And it changed the entire theme park
industry."[466] According to The Orange County Register, Walt Disney World has "changed
entertainment by showing how a theme park could help make a company into a lifestyle brand".[467]

Criticism and controversies

The Walt Disney Company has been criticized for making purportedly sexist and racist content in the
past, putting LGBT+ elements in their films, and not having enough LGBT+ representation. There
have been controversies over alleged plagiarism, poor pay and working conditions, and poor
treatment of animals. Several of Disney's films have been considered to be racist; one of the
company's most-controversial films Song of the South was criticized for portraying racial stereotypes.
For that reason, the film was never released to home video in the U.S. or Disney+.[468] Other
characters that have been called racist are Sunflower, a black centaurette who serves a white
centaurette in Fantasia; the Siamese cats in Lady and the Tramp, who are considered to be over-
exaggerated as Asians, stereotypes of Native Americans in Peter Pan, and crows in Dumbo, who are
depicted as African Americans who use jive talk. Their leader being named Jim Crow, which is
considered to be a reference to racial segregation laws in the U.S.[469][470] When watching a film on
Disney+ considered to have wrongful racist stereotypes, Disney added a disclaimer before the film
starts to help avoid controversies.[471]

Disney has also been accused a number of times of plagiarizing already existing works in its films.
Most notably, The Lion King has many similarities in its characters and events to an animated series
called Kimba the White Lion by animator Osamu Tezuka.[472] Atlantis: The Lost Empire also has
many similarities to the anime show Nadia: The Secret of Blue Water that were considered so
prevalent the latter show's creator Gainax was planning to sue Disney but was stopped by its series'
network NHK.[473] Kelly Wilson, creator of the short The Snowman (2014), filed two lawsuits, one
which came after the first was rescinded, against Disney for copyright infringement in Disney's
animated film Frozen. Disney later settled the lawsuit with Wilson, allowing the company to create a
sequel to Frozen.[474] Screenwriter Gary L. Goldman sued Disney over its film Zootopia, claiming he
had earlier pitched an identical, same-titled story to the company. A judge dismissed the lawsuit,
stating there was not enough evidence to prove any plagiarism.[475]

Disney has been criticized for both putting LGBT+ elements into its films and for having insufficient
LGBT+ representation in its media. In the live-action film Beauty and the Beast, director Bill Condon
announced LeFou would be depicted as a gay character, prompting Kuwait, Malaysia, and a theater in
Alabama to ban the film, and Russia to give it a stricter rating.[476] In Russia and several Middle
Eastern countries, the Pixar movie Onward was banned for having Disney's first openly lesbian
character Officer Specter, while others said Disney needed more representation of LGBT+ persons in
its media.[477][478] Because of a scene featuring two lesbians kissing, Pixar's Lightyear was banned in
13 predominantly Muslim countries, and barely broke even at the box office.[479][480] In a leaked
video of a Disney meeting, participants talked about pushing LGBT+ themes in the company's media,
angering some people, who say the company is "trying to sexualize children", while others applauded
its actions.[481]

Some Disney Princess films have been considered to be sexist toward women. Snow White is said to
be too worried about her appearance while Cinderella is deemed to have no talents. Aurora is also said
to be weak because she is always waiting to be rescued. In some of the princess films, men have more
dialogue, and there are more speaking male characters than female. Disney's more-recent films are
considered to be less sexist than its earlier films.[482]

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In 1990, Disney paid $95,000 to avoid legal action over 16 animal-cruelty charges for beating vultures
to death, shooting at birds, and starving some birds at Discovery Island. The company took these
actions because they were attacking other animals and taking their food.[483] When Animal Kingdom
first opened, there were concerns about the animals because a few of them died. Animal rights groups
protested but the United States Department of Agriculture found no violations of animal-welfare
regulations.[484] Disney has been accused of having poor working conditions. A protest by 2,000
workers at Disneyland accused the company of poor pay at an average of $13 an hour, with some
saying they were evicted from their homes.[485] In 2010, at a factory in China where Disney products
were being made, workers experienced working hours three times longer than those prescribed by
law, and one of the workers committed suicide.[486]

Financial data

Revenues

Annual gross revenues of the Walt Disney Company (in millions USD)
Disney Disney Disney
Studio Parks &
Year Consumer Interactive Media Total Source
Entertainment[e] Resorts[g]
Products[f] Media[487][488] Networks[h]

1991 2,593.0 724   2,794.0   6,111 [489]

1992 3,115 1,081   3,306   7,502 [489]

1993 3,673.4 1,415.1   3,440.7   8,529 [489]

1994 4,793 1,798.2   3,463.6 359 10,414 [490][491][492]

1995 6,001.5 2,150   3,959.8 414 12,525 [490][491][492]

1996 10,095[f]   4,502 4,142[i] 18,739 [491][493]

1997 6,981 3,782 174 5,014 6,522 22,473 [494]

1998 6,849 3,193 260 5,532 7,142 22,976 [494]

1999 6,548 3,030 206 6,106 7,512 23,435 [494]

2000 5,994 2,602 368 6,803 9,615 25,402 [495]

2001 7,004 2,590   6,009 9,569 25,790 [496]

2002 6,465 2,440   6,691 9,733 25,360 [496]

2003 7,364 2,344   6,412 10,941 27,061 [497]

2004 8,713 2,511   7,750 11,778 30,752 [497]

2005 7,587 2,127   9,023 13,207 31,944 [498]

2006 7,529 2,193   9,925 14,368 34,285 [498]

2007 7,491 2,347   10,626 15,046 35,510 [499]

2008 7,348 2,415 719 11,504 15,857 37,843 [500]

2009 6,136 2,425 712 10,667 16,209 36,149 [501]

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2010 6,701[j] 2,678[j] 761 10,761 17,162 38,063 [502]

2011 6,351 3,049 982 11,797 18,714 40,893 [503]

2012 5,825 3,252 845 12,920 19,436 42,278 [504]

2013 5,979 3,555 1,064 14,087 20,356 45,041 [505]

2014 7,278 3,985 1,299 15,099 21,152 48,813 [506]

2015 7,366 4,499 1,174 16,162 23,264 52,465 [507]

2016 9,441 5,528 16,974 23,689 55,632 [508]

2017 8,379 4,833 18,415 23,510 55,137 [509]

2018 9,987 4,651 20,296 24,500 59,434 [510]

Annual gross revenues of the Walt Disney Company (Re-segmented) (in millions USD)
Direct-to- Parks, Media
Studio
Year Consumer & Experiences and Total Source
Entertainment
International Products Networks[h]

2018 10,065 3,414 24,701 21,922 59,434 [511]

2019 11,127 9,349 26,225 24,827 69,570 [512]

2020 9,636 16,967 16,502 28,393 65,388 [513]

Annual gross revenues of the Walt Disney Company (Re-segmented) (in millions USD)
Media and Entertainment
Year Parks, Experiences and Products Total Source
Distribution

2021 50,866 16,552 67,418 [514]

2022 55,040 28,705 83,745 [515]

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Operating income

Annual Operating income of the Walt Disney Company (in millions USD)
Disney Disney
Studio Parks and Disney Media
Year Consumer Interactive Total Source
Entertainment[e] Resorts[g] Networks[h]
Products[f] Media[487]

1991 318 229   546   1,094 [489]

1992 508 283   644   1,435 [489]

1993 622 355   746   1,724 [489]

1994 779 425   684 77 1,965 [490][491]

1995 998 510   860 76 2,445 [490][491]

1996 1,596[f] −300[k] 990 747 3,033 [491]

1997 1,079 893 −56 1,136 1,699 4,312 [494]

1998 769 801 −94 1,288 1,746 4,079 [494]

1999 116 607 −93 1,446 1,611 3,231 [494]

2000 110 455 −402 1,620 2,298 4,081 [495]

2001 260 401   1,586 1,758 4,214 [496]

2002 273 394   1,169 986 2,826 [496]

2003 620 384   957 1,213 3,174 [497]

2004 662 534   1,123 2 169 4,488 [497]

2005 207 543   1,178 3,209 5,137 [498]

2006 729 618   1,534 3,610 6,491 [498]

2007 1,201 631   1,710 4,285 7,827 [499]

2008 1,086 778 −258 1,897 4,942 8,445 [500]

2009 175 609 −295 1,418 4,765 6,672 [501]

2010 693 677 −234 1,318 5,132 7,586 [502]

2011 618 816 −308 1,553 6,146 8,825 [503]

2012 722 937 −216 1,902 6,619 9,964 [504]

2013 661 1,112 −87 2,220 6,818 10,724 [505]

2014 1,549 1,356 116 2,663 7,321 13,005 [506]

2015 1,973 1,752 132 3,031 7,793 14,681 [507]

2016 2,703 1,965 3,298 7,755 15,721 [508]

2017 2,355 1,744 3,774 6,902 14,775 [509]

2018 2,980 1,632 4,469 6,625 15,706 [510]

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Annual Operating income of the Walt Disney Company (Re-segmented) (in millions USD)
Parks,
Direct-to-
Studio Experiences Disney Media
Year Consumer & Total Source
Entertainment and Networks
International
Products

2018 3,004 −738 6,095 7,338 15,689 [511]

2019 2,686 −1,814 6,758 7,479 14,868 [512]

2020 2,501 −2,806 −81 9,022 8,108 [513]

Annual Operating income of the Walt Disney Company (Re-segmented) (in millions USD)

Media and Entertainment

Year Parks, Experiences and Products Total Source
Distribution

2021 7,295 471 7,766 [514]

2022 4,216 7,905 12,121 [515]

See also
Disney portal

Animation portal

Film portal

Los Angeles portal

Companies portal
United States
portal

Lists of films released by Disney

List of Disney television series
Disney University
Disneyfication
Buena Vista
Mandeville-Anthony v. Walt Disney Co., a federal court case in which Mandeville claimed Disney
infringed on his copyrighted ideas by creating Cars
List of conglomerates
List of acquisitions by Disney

References

Notes
a. "WED" is from the initials of Walter Elias Disney.
b. Although July 17 was supposed to be preview opening foregoing the public opening the next day,
Disneyland uses July 17 as its official opening day.[92]
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c. His official title was co. vice chairman.

d. List of references for Grammy
Awards:[434][435][436][437][438][439][440][441][442][443][444][445][446][447][448][449][450][451]
e. Also named Films and Film Entertainment
f. Merged into Creative Content in 1996, merged into Consumer Products and Interactive Media in
2016, which merged with Parks & Resorts in 2018
g. Called Walt Disney Attractions (1989–2000), Walt Disney Parks and Resorts (2000–2005), Disney
Destinations (2005–2008), and Walt Disney Parks and Resorts Worldwide (2008–2018)
h. Broadcasting from 1994 to 1996
i. Following the purchase of Capital Cities/ABC Inc.
j. First year with Marvel Entertainment as part of results
k. Not linked to WDIG, Disney reported a $300M loss due to financial modification regarding real
estate

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Further reading
Bryman, Alan (2004). The Disneyization of society (https://books.google.com/books?id=LoHVOCF
JprgC). SAGE Publishing. ISBN 9780761967651.
Caroselli, Henry (2004). Cult of the Mouse: Can We Stop Corporate Greed from Killing Innovation
in America? (https://books.google.com/books?id=5PTywAEACAAJ). Ten Speed Press.
ISBN 9781580086332.
Dave, Smith (2016). Disney A to Z: The Official Encyclopedia (https://books.google.com/books?id
=TDBtjwEACAAJ) (5th ed.). Disney Editions. ISBN 9781484737835.
Dorfman, Ariel; Mattelart, Armand (1984). How to Read Donald Duck: Imperialist Ideology in the
Disney Comic (https://books.google.com/books?id=Wl4nAQAAIAAJ). International General.
ISBN 9780884770237.
Dunlop, Beth (2011). Building a Dream: The Art of Disney Architecture (https://books.google.com/
books?id=hOZAYgEACAAJ). Disney Editions. ISBN 9781423129189.
Eisner, Michael (2011). Work in Progress: Risking Failure, Surviving Success (https://books.googl
e.com/books?id=QL09DwAAQBAJ). Disney Publishing Worldwide. ISBN 9780786870912.
Foglesong, Richard (2001). Married to the Mouse: Walt Disney World and Orlando (https://books.
google.com/books?id=DwyxTvqgpdQC). Yale University Press. ISBN 9780300098280.
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Green, Katherine; Greene, Richard; Barret, Katherine (1998). The Man Behind the Magic: The
Story of Walt Disney (https://books.google.com/books?id=gMFWAAAAYAAJ). Viking.
ISBN 9780670884766.
Grover, Ron (1997). The Disney Touch: Disney, ABC & the Quest for the World's Greatest Media
Empire (https://books.google.com/books?id=hWccAQAAIAAJ). Irwin Professional Publisher.
ISBN 9780786311729.
Hiaasen, Carl (2010). Team Rodent: How Disney Devours the World (https://books.google.com/bo
oks?id=dtBB2IyZKe4C). Random House Publishing Group. ISBN 9780307764881.
Iger, Robert (2019). The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt
Disney Company (https://books.google.com/books?id=FIKMDwAAQBAJ). Random House
Publishing Group. ISBN 9780399592102.
Iwerks, Don (2019). Walt Disney's Ultimate Inventor: The Genius of Ub Iwerks. Contributions from
Leonard Maltin. Disney Editions. ISBN 9781484743379.
Johnson, Mindy; Disney, Walt (2017). Ink & Paint: The Women of Walt Disney's Animation (https://
books.google.com/books?id=Yoo2MQAACAAJ). Contributions from June Foray and Walt Disney
Productions. Disney Editions. ISBN 9781484727812.
Koenig, David (2005). Mouse Tales: A Behind-the-Ears Look at Disneyland, Golden Anniversary
Special Edition (https://books.google.com/books?id=C7QrAAAACAAJ). Bonaventure Press.
ISBN 9780964060548.
Masters, Kim (2009). The Keys To The Kingdom: The Rise of Michael Eisner and the Fall of
Everybody Else (https://books.google.com/books?id=sji-T_HeMV8C). HarperCollins.
ISBN 9780061860249.
Polsson, Ken. "Chronology of the Walt Disney Company" (http://kpolsson.com/disnehis/).
Retrieved December 15, 2013.
Price, David (2009). The Pixar Touch: The Making of a Company (https://books.google.com/book
s?id=6ium9aok5yMC). Vintage Books. ISBN 9780307278296.
Schikel, Richard (2019). The Disney Version: The Life, Times, Art and Commerce of Walt Disney
(https://books.google.com/books?id=9RSKDwAAQBAJ). Simon & Schuster.
ISBN 9781982115234.
Schweizer, Peter; Schweizer, Rochelle (1998). Disney: The Mouse Betrayed: Greed, Corruption,
and Children at Risk (https://books.google.com/books?id=lZNZAAAAMAAJ). Regnery Publishing.
ISBN 9780895263872.
Shale, Richard (1982). Donald Duck Joins Up: The Walt Disney Studio During World War II (http
s://books.google.com/books?id=2RS1AAAAIAAJ). University of Michigan Press.
ISBN 9780835713108.
Stewart, James (December 9, 2008). Disneywar: The Battle for the Magic Kingdom (https://books.
google.com/books?id=O6dQVvEY2fUC&q=disney%20war). 2008: Simon & Schuster UK.
ISBN 9781847396891.
Taylor, John (1998). Storming the Magic Kingdom: Wall Street, the Raiders, and the Battle for
Disney (https://books.google.com/books?id=gXtuvwEACAAJ). Ballantine Books.
ISBN 9780345354075.
Thomas, Bob (1998). Building a Company: Roy O. Disney and the Creation of an Entertainment
Empire (https://books.google.com/books?id=zpRZAAAAMAAJ). Disney Editions.
ISBN 9780786862009.
Thomas, Bob (2017). Walt Disney: An American Original (https://books.google.com/books?id=l51
NDwAAQBAJ). Disney Books Group. ISBN 9781368027182.

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External links
Official website (https://thewaltdisneycompany.com)
The Walt Disney Company companies (https://opencorporates.com/corporate_groupings/Disney)
grouped at OpenCorporates
Business data for Disney: Bloomberg (https://www.bloomberg.com/quote/DIS:US) · Google (http
s://www.google.com/finance?q=DIS:NYSE) · Reuters (https://www.reuters.com/markets/companie
s/DIS.N) · SEC filings (https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1744
489) · Yahoo! (https://finance.yahoo.com/quote/DIS)

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