The Walt Disney Company

The Walt Disney Company (most commonly known as Disney) () is one of the largest media and entertainment corporations in the world. Founded on October 16, 1923 by brothers Walt and Roy Disney as a small animation studio, today it is one of the largest Hollywood studios and also owns nine theme parks and several television networks, including the American Broadcasting Company (ABC).

Disney's corporate headquarters and primary production facilities are located at the Walt Disney Studios in Burbank, California, USA. The company is a component of the Dow Jones Industrial Average. It had revenues of in 2005.

Divisions

Studio Entertainment

Disney's original (and, until 1955, only) business is motion picture production. Disney Studio Entertainment, also known as the Walt Disney Studios, is headed by chairman Dick Cook and includes Disney's movie and animation studios, record labels, and Broadway-style stage shows.

Parks and Resorts

In addition to the well-known theme parks and resorts, this division includes Disney Regional Entertainment (which operates the ESPN Zone sports-themed restaurants), Walt Disney Imagineering, and Walt Disney Creative Entertainment. Previously, "Anaheim Sports, Inc." was also within this division. Anaheim Sports operated the Mighty Ducks of Anaheim hockey club (sold in 2005 to Broadcom executive Henry Samueli) and the Anaheim Angels baseball team (sold to advertising magnate Arturo Moreno in 2003).

Media Networks

Its Media Networks unit is centered around the American Broadcasting Company (ABC) television network, which it acquired through a merger with Capital Cities/ABC in 1996. Properties include:
*Walt Disney Television
*Touchstone Television
*ABC Entertainment
*ABC Television Network
*Buena Vista Television
*ESPN
*Soapnet
*Lifetime

Disney also owns a group of cable networks including: The Disney Channel, ABC Family, Toon Disney, the ESPN group, and SOAPnet. Disney also holds substantial interest in Lifetime (50%), A&E (37.5%), E! (40%) and Jetix Europe N.V. (74 %).

Through ABC, Disney also owns 10 local television stations, 26 local radio stations, and ESPN Radio, Radio Disney, and the ABC Radio (to be sold with another properties to Citadel Broadcasting, which carries such radio personalities as Sean Hannity and Paul Harvey and distributes news bulletins by ABC News). Buena Vista Television, which also is a part of the Media Networks unit, produces such syndicated television programs as Who Wants to Be a Millionaire, Live with Regis and Kelly, and Ebert & Roeper.

Disney also operates its Hyperion publishing company and Walt Disney Internet Group (WDIG) through Media Networks. Hyperion has recently published books by comedian-author Steve Martin and bestselling author Mitch Albom. WDIG includes the Go.com web portal, based on the old Infoseek search engine which it purchased in 1998, and leading websites such as Disney.com, ESPN.com,ABCNews.com and Movies.com .

Consumer Products

*Disney Publishing Worldwide
*Disney Store
*Jim Henson's Muppets
*Buena Vista Games

History

Walt Disney (1901—1966)

*1923: The Disney Brothers Cartoon Studio, founded in October 16th by brothers Walt and Roy Disney and animator Ub Iwerks, produces the Alice's Wonderland series.
*1925: At Walt Disney's insistence, the company is renamed Walt Disney Studios.
*1927: The Alice series ends; Disney picks up the contract to animate Oswald the Lucky Rabbit.
*1928: Walt loses the Oswald series contract; first Mickey Mouse cartoon Plane Crazy released; Steamboat Willie released, the first cartoon with sound to achieve widespread popularity.
*1929: First Silly Symphony: The Skeleton Dance. On December 16, the original partnership formed in 1923 is replaced by Walt Disney Productions, Ltd. Three other companies, Walt Disney Enterprises, Disney Film Recording Company, and Liled Realty and Investment Company, are also formed.
*1930: First appearance of Pluto.
*1932: First three-strip Technicolor short released: Flowers and Trees; first appearance of Goofy.
*1934: First appearance of Donald Duck.
*1937: Studio produces its first feature, Snow White and the Seven Dwarfs.
*1938: On September 29th, Walt Disney Enterprises, Disney Film Recording Company, and Liled Realty and Investment Company are merged into Walt Disney Productions.
*1940: Studio moves to the Burbank, California buildings where it is located to this day. Release of animated features Pinocchio, the first animated film to win both Best Original Score and Best Song Academy Awards, and Fantasia, the world's first film to be recorded in stereophonic sound ("Fantasound").
*1941: A bitter animators' strike occurs; as the USA enters World War II, the studio begins making morale-boosting propaganda films for the government.
*1942: Saludos Amigos marks the beginning of a series of low-budget "package" animated films that would continue until 1950.
*1944: The company is short on cash; a theatrical re-release of Snow White and the Seven Dwarfs generates much-needed revenue and begins a reissue pattern for the animated feature films.
*1945: The studio hires its first-ever live actor for a feature film, James Baskett, to star as Uncle Remus in Song of the South.
*1949: The studio begins production on its first all-live action feature, Treasure Island; the popular True-Life Adventures series begins.
*1950: Cinderella is released, ending the series of "package" animated films and reviving Disney feature animation.
*1952: Walt Disney forms WED Enterprises on December 16 to design his theme park.
*1953: Walt Disney forms Retlaw Enterprises on April 6 to control the rights to his name. It will later own and operate several attractions inside Disneyland, including the Monorail and the Disneyland Railroad.
*1954: The studio founds Buena Vista Distribution to distribute its feature films; beginning of the Disneyland TV program
*1955: Disneyland opens in Anaheim, California. Walt Disney Productions owns 34.5 percent of Disneyland, Inc. It increases its stake in 1957 to 65.5 percent, then purchases the remaining shares from ABC in 1960. Lady and the Tramp, the first animated film shot in widescreen, is released.
*1961: The studio licenses the film rights to Winnie-the-Pooh, whose characters continue to be highly profitable to this day; international distribution arm Buena Vista International is established.
*1964: The company starts buying land near Orlando, Florida for Walt Disney World (then known as Disney World or The Florida Project).
*1965: The regular production of short subjects ceases, as theatres no longer have any demand for them. Walt Disney Productions acquires WED Enterprises.
*1966: Official plans are announced for Disney's Mineral King Ski Resort, later canceled. Walt Disney dies. His brother Roy takes over.
*1967: Construction begins on Walt Disney World; the underlying governmental structure (see Reedy Creek Improvement District) is signed into law. The Jungle Book, the last animated film involved with Walt Disney himself, is released.
*1971: The Walt Disney World Resort opens in Orlando, Florida; Roy Oliver Disney dies; Donn Tatum becomes chairman and Card Walker becomes president.
*1977: Roy Edward Disney, son of Roy and nephew of Walt, resigns from the company citing a decline in overall product quality and issues with management.
*1978: The studio licenses several minor titles to MCA Discovision for laserdisc release; only TV compilations of cartoons ever see the light of day through this deal.
*1979: Don Bluth and a number of his allies leave the animation division; the studio releases its first PG-rated film, The Black Hole.
*1980: Tom Wilhite becomes head of the film division with the intent of modernizing studio product; a home video division is created.
*1981: Plans for a cable network are announced. Dumbo hits the shelves for video retail, making it the first animated Disney feature available on video.
*1982: EPCOT Center opens at Walt Disney World; Walt Disney's son-in-law Ron W. Miller succeeds Card Walker as CEO.
*1983: As the anthology series is canceled, The Disney Channel begins operation on US cable systems. Tom Wilhite resigns his post as head of the film division. Tokyo Disneyland opens in Japan.

Michael Eisner

*1984: Touchstone Pictures is created; after the studio narrowly escapes a buyout attempt by Saul Steinberg, Roy Edward Disney and his business partner, Stanley Gold, remove Ron W. Miller as CEO and president, replacing him with Michael Eisner and Frank Wells. The Walt Disney Classics video collection starts up.
*1985: The studio begins making cartoons for television beginning with Adventures of the Gummi Bears and The Wuzzles; The home video release of Pinocchio is a best-seller.
*1986: The studio's first R-rated release comes from Touchstone Pictures; the anthology series is revived; the company's name is changed on February 6 from Walt Disney Productions to The Walt Disney Company.
*1987: The company and the French government sign an agreement for the creation of the first Disney Resort in Europe: the Euro Disney project starts.
*1989: Disney offers a deal to buy Jim Henson's Muppets and have the famed puppeteer work with Disney resources; the Disney-MGM Studios open at Walt Disney World; The Little Mermaid sparks an animation renaissance.
*1990: Jim Henson's death sours the deal to buy his holdings; the anthology series canceled for second time.
*1991: Beauty and the Beast is released, becoming the first animated film nominated for the Academy Award for Best Picture.
*1992: The controversial Euro Disney Resort opens outside Paris, France.
*1993: Disney acquires independent film distributor Miramax Films; Winnie the Pooh merchandise outsells Mickey Mouse merchandise for the first time; the policy of periodic theatrical re-issues ends with this year's re-issue of Snow White and the Seven Dwarfs but is augmented for video.
*1994: Frank Wells is killed in a helicopter crash. Jeffrey Katzenberg resigns to co-found his own studio, DreamWorks SKG. Plans for Disney's America, a historical theme park in Haymarket, Virginia, are abruptly dropped. No explanation is given, and Disney announces a search for an alternate location. Euro Disneyland is renamed Disneyland Paris. The Classics video line is unofficially cancelled and replaced with the Masterpiece Collection. The Lion King, the highest-grossing traditionally animated film in history, is released.
*1995: In October, the company hires Hollywood super agent, Michael Ovitz, to be president. The world's first computer animated feature film Toy Story, produced by Pixar Animation Studios, is released by Disney, and becomes the year's top-grossing film.
*1996: The company takes on the Disney Enterprises name and acquires the Capital Cities/ABC group, renaming it ABC, Inc. In December, Michael Ovitz, president of the company, leaves "by mutual consent." To celebrate the pairing, ABC's first Super Soap Weekend is held at Walt Disney World. Disney makes deal with Studio Ghibli for dubbing and releasing their films in the U.S.
*1997: The anthology series is revived again; the home video division releases its first DVDs.
*1998: Disney's Animal Kingdom opens at Walt Disney World. Kiki's Delivery Service, the first Studio Ghibli film under the Disney/Ghibli deal, is released on video.
*2000: Robert Iger becomes president and COO. Disney begins their Gold Classic Collection DVD line, replacing their Masterpiece Collection series.
*2001: Disney-owned TV channels are pulled from Time Warner Cable briefly during a dispute over carriage fees; Disney's California Adventure and Tokyo DisneySea open to the public; Disney begins releasing Walt Disney Treasures DVD box sets for the collector's market. Disney buys Fox Family for $3 billion in July, giving Disney programming and cable network reaching 81 million homes.
*2002: Walt Disney Studios open near Disneyland Paris (renamed Disneyland Park). The entire area is now called Disneyland Resort Paris. Disney finishes negotiations to acquire Saban Entertainment, owner of children's entertainment juggernaut Power Rangers. Subsidiary Miramax acquires the USA rights to the Pokémon movies starting with the fourth movie. Disney teams up with famous video game company Squaresoft (later known as Square-Enix) to release their first ever role-playing game with various Disney characters, Kingdom Hearts. Disney begins joint venture business with Sanrio in greeting cards.
*2003: Roy E. Disney resigns as the chairman of Feature Animation and from the board of directors, citing similar reasons to those that drove him off 26 years earlier; fellow director Stanley Gold resigns with him; they establish "SaveDisney" to apply public pressure to oust Michael Eisner. Pixar computer animated film Finding Nemo is released by Disney, becoming the highest-grossing animated film in history until 2004's DreamWorks film Shrek 2. Live-action film Pirates of the Caribbean: The Curse of the Black Pearl is released, becoming the first film released under the Disney label with a PG-13 rating.

Robert Iger

*2004: Comcast makes an unsuccessful hostile bid for the company. CEO Michael Eisner is replaced by George J. Mitchell as chairman of the board after a 43% vote of no confidence. Disney turns down distributing controversial documentary film Fahrenheit 9/11, which ends up making $100 million. On February 17, Disney buys the Muppets (excluding the Sesame Street characters).
*2005: 23rd June sees the first KitchBall World Cup Final using a Disney mini ball. Roy E. Disney and Stanley Gold end their campaign against Michael Eisner on July 8 and Roy rejoins the company as a consultant with the title of Director Emeritus. Disneyland celebrates its 50th anniversary on July 17. Hong Kong Disneyland officially opens on September 12. Robert A. Iger replaces Michael Eisner as CEO on October 1. Also on October 1, Miramax co-founders Bob Weinstein and Harvey Weinstein leave the company to form their own studio.
*2006: On January 23, Disney announced a deal to purchase Pixar Animation Studios in an all-stock transaction worth $7.4bn. The deal is finalized on May 5. In the process, former Pixar CEO, and current Apple Computer CEO Steve Jobs, became the single largest individual Disney shareholder, holding 7% of outstanding shares.

Corporate Leadership

* George J. Mitchell (Non-executive Chairman of the Board)
* Robert A. Iger (President and CEO)
* John Lasseter (Chief Creative Officer)
* Thomas O. Staggs (Senior Executive Vice President and CFO)

Current board of directors

* John Bryson
* John S. Chen
* Judith Estrin
* Robert Iger
* Steve Jobs
* Fred Langhammer
* Aylwin Lewis
* Monica Lozano
* Robert Matschullat
* George J. Mitchell (Chairman until 12/31/2006)
* Leo J. O'Donovan
* John E. Pepper, Jr.(Chairman from 01/01/2007)
* Orin C. Smith

Current division heads

* Walt Disney International - Andy Bird
* Walt Disney Parks and Resorts - Jay Rasulo
** Walt Disney Imagineering - Don Goodman
*** Walt Disney Creative Entertainment - Anne Hamburger
* Walt Disney Studios - Dick Cook
** Pixar Animation Studios - Ed Catmull
** Walt Disney Feature Animation - Ed Catmull
** Buena Vista Music Group - Bob Cavallo
** Walt Disney Pictures - Oren Aviv
** Walt Disney Theatrical - Thomas Schumacher
* Consumer Products - Andrew P. Mooney
* Disney-ABC Television Group - Anne Sweeney
* ESPN and ABC Sports - George W. Bodenheimer

Disney Chairmen of the Board

* 1945-1960: Walt Disney
* 1964-1971: Roy O. Disney
* 1971-1980: Donn Tatum
* 1980-1983: E. Cardon Walker
* 1983-1984: Raymond Watson
* 1984-2004: Michael Eisner
* 2004-present: George J. Mitchell

In 2004, with the replacement of Eisner with Mitchell, Disney's chairman became a non-executive, meant to lead the board in its oversight of company management.

Disney CEOs

* 1968-1971: Roy O. Disney
* 1971-1976: Donn Tatum
* 1976-1983: E. Cardon Walker
* 1983-1984: Ron W. Miller
* 1984-2005: Michael Eisner
* 2005-present: Robert Iger

Although Walt Disney's role at his production company was what would today be assigned to a CEO, Walt Disney Productions did not formally create the position until 1968.

Disney Presidents

* 1940-1945: Walt Disney
* 1945-1968: Roy O. Disney
* 1968-1971: Donn Tatum
* 1971-1977: E. Cardon Walker
* 1980-1984: Ron W. Miller
* 1984-1994: Frank Wells
* 1995-1997: Michael Ovitz
* 2000-Present: Robert Iger

Disney COOs

* 1968-1977: E. Cardon Walker
* 1977-1983: Ron W. Miller
* 1984-1994: Frank Wells
* 2000-2005: Robert Iger

''Again, the formal position of Chief Operating Officer was not created until Walt Disney Productions restructured itself in 1968. From the creation of the studio until his brother's death, Roy O. Disney had effectively served as COO.

Criticism

* The worldwide commercial success of the Disney brand is viewed by some as detrimental to cultural diversity (see Disneyization).
* Disney is among the US companies lobbying for harsher enforcement of intellectual property in the US and worldwide, posing a perceived threat to the existence of the public domain; see Mickey Mouse Protection Act.

External links

*Disney Online, The Official Home Page of The Walt Disney Company
*The Walt Disney Company - Corporate information
*United States Securities and Exchange Commission - Company Information: WALT DISNEY CO/

Most recent financial statements

*Income Statement
*Balance Sheet
*Cash Flow
*Most recent Disney quarterly conference call transcripts

Annual reports

*1996-2004

Books

The Disney Version: the life, times, art, and commerce of Walt Disney, Richard Schickel, 1968
Walt Disney: An American Original, Bob Thomas, 1976, revised 1994
Storming the Magic Kingdom: Wall Street, the raiders, and the battle for Disney, John Taylor, 1987
Building a Company: Roy O. Disney and the creation of an entertainment empire, Bob Thomas, 1998
The Keys to the Kingdom: how Michael Eisner lost his grip, Kim Masters, 2000
Disneyization of Society: Alan Bryman, 2004
DisneyWar, James B. Stewart, 2005
Mouse Tracks: The Story of Walt Disney Records[1], Tim Hollis and Greg Ehrbar, 2006
Mouse Tales - a behind the ears look at Disneyland, David Koenig 1994

The Walt Disney Company: Encyclopedia BETA

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