The Walt Disney CompanyFrom Wikipedia, the free encyclopedia"Disney" redirects here. For other uses, seeDisney (disambiguation).The Walt Disney Company

TheWalt Disney Studios(corporate headquarters).

TypePublic

TradedasNYSE:DISDow Jones Industrial Average ComponentS&P 500 Component

IndustryMass mediaEntertainment

PredecessorsLaugh-O-Gram Studio

FoundedLos Angeles,California,United States[1](October16, 1923; 91 years ago)

FounderWalt DisneyandRoy O. Disney

Headquarters500 South Buena Vista Street,Burbank, California,United States

Coordinates34.156207N 118.325189WCoordinates:34.156207N 118.325189W

Area servedWorldwide

Key peopleBob Iger(Chairman and CEO)

ProductsCable television,publishing,films,music,video games,theme parks,broadcasting,radio,web portals

ServicesLicensing

RevenueUS$ 48.813 billion (2014)[2]:25

Operating incomeUS$ 12.246 billion (2014)[2]:26

Net incomeUS$8.004 billion (2014)[2]:26

Total assetsUS$ 84.186billion (2014)[2]:66

Total equityUS$ 44.958 billion (2014)[2]:66

Number of employees180,000 (2014)[2]:1

DivisionsDivisions[show]

SubsidiariesSubsidiaries[show]

Websitethewaltdisneycompany.com

The Walt Disney Company, commonly known asDisney, is an American diversified[2]:1multinationalmass mediaand entertainmentconglomerateheadquartered at theWalt Disney StudiosinBurbank, California. It is the world's second largest media conglomerate in terms of revenue, afterComcast.[3]Disney was founded on October 16, 1923, byWalt DisneyandRoy O. Disneyas theDisney Brothers Cartoon Studio, and established itself as a leader in the American animation industry before diversifying into live-action film production, television, and theme parks. The company also operated under the namesThe Walt Disney Studio, thenWalt Disney Productions. Taking on its current name in 1986, it expanded its existing operations and also started divisions focused upon theater, radio, music, publishing, andonline media.In addition, Disney has since created corporate divisions in order to market more mature content than is typically associated with its flagship family-oriented brands. The company is best known for the products of its film studio,The Walt Disney Studios, which is today one of thelargest and best-known studiosinAmerican cinema. Disney also owns and operates theABCbroadcast television network; cable television networks such asDisney Channel,ESPN,A+E Networks, andABC Family; publishing,merchandising, music, and theatre divisions; and owns and licenses14 theme parks around the world. The company has been a component of theDow Jones Industrial Averagesince May 6, 1991. An early and well-known cartoon creation of the company,Mickey Mouse, is a primary symbol of The Walt Disney Company.Contents[hide] 1Corporate history 1.119231928: The silent era 1.219281934: Mickey Mouse andSilly Symphonies 1.319341945:Snow White and the Seven Dwarfsand World War II 1.419461954: Post-war and television 1.519551965: Disneyland 1.619661971: The deaths of Walt and Roy Disney and the opening of Walt Disney World 1.719721984: Theatrical malaise and new leadership 1.819842005: The Eisner era and the Save Disney campaign 1.92005present: The Iger era 2Company divisions and subsidiaries 2.1Disney Media Networks 3Executive management 3.1Presidents 3.2Chief executive officers 3.3Chairmen of the Board 3.4Vice Chairman of the Board 3.5Chief operating officers 4Financial data 4.1Revenues 4.2Net income 5Criticism 6See also 7Footnotes 8References 9Further reading 10External linksCorporate historySee also:Timeline of The Walt Disney Company

The building in the Los Angeles neighborhood of Los Feliz which was home to the studio from 1923 to 192619231928: The silent eraIn early 1923,Kansas City, Missouri, animator Walt Disney created a short film entitledAlice's Wonderland, which featured child actressVirginia Davisinteracting with animated characters. After the bankruptcy in 1923 of his previous firm,Laugh-O-Gram Films,[ChWDC 1]Disney moved to Hollywood to join his brother,Roy O. Disney. Film distributorMargaret J. Winklerof M.J. Winkler Productions contacted Disney with plans to distribute a whole series ofAlice Comediespurchased for $1,500 per reel with Disney as a production partner. Walt and Roy Disney formedDisney Brothers Cartoon Studiothat same year. More animated films followed after Alice.[4]In January 1926, with the completion of the Disney studio on Hyperion Street, the Disney Brothers Studio's name was changed to theWalt Disney Studio.[ChWDC 2]After the demise of theAlicecomedies, Disney developed an all-cartoon series starring his first original character,Oswald the Lucky Rabbit,[4]which was distributed by Winkler Pictures throughUniversal Pictures.[ChWDC 2]The distributor owned Oswald, so Disney only made a few hundred dollars.[4]Disney completed 26Oswaldshorts before losing the contract in February 1928, due to a legal loophole, when Winkler's husbandCharles Mintztook over their distribution company. After failing to take over the Disney Studio, Mintz hired away four of Disney's primary animators (the exception beingUb Iwerks) to start his own animation studio, Snappy Comedies.[ChWDC 3]19281934: Mickey Mouse andSilly Symphonies

Original poster forFlowers and Trees(1932).In 1928, to recover from the loss of Oswald the Lucky Rabbit, Disney came up with the idea of a mouse character named Mortimer while on a train headed to California, drawing up a few simple drawings. The mouse was later renamedMickey Mouse(Disney's wife, Lillian, disliked the sound of 'Mortimer Mouse') and starred in several Disney produced films.Ub Iwerksrefined Disney's initial design of Mickey Mouse.[4]Disney's first sound filmSteamboat Willie, a cartoon starring Mickey, was released on November 18, 1928[ChWDC 3]throughPat Powers' distribution company.[4]It was the first Mickey Mouse sound cartoon released, but the third to be created, behindPlane CrazyandThe Gallopin' Gaucho.[ChWDC 3]Steamboat Williewas an immediate smash hit, and its initial success was attributed not just to Mickey's appeal as a character, but to the fact that it was the first cartoon to featuresynchronized sound.[4]Disney usedPat Powers'Cinephone system, created by Powers usingLee De Forest'sPhonofilmsystem.[ChWDC 3]Steamboat Williepremiered at B. S. Moss's Colony Theater in New York City, nowThe Broadway Theatre.[5]Disney'sPlane CrazyandThe Galloping Gauchowere then retrofitted with synchronized sound tracks and re-released successfully in 1929.[ChWDC 3]Disney continued to produce cartoons with Mickey Mouse and other characters,[4]and began theSilly Symphoniesseries withColumbia Picturessigning on as Symphonies distributor in August 1929. In September 1929, theater manager Harry Woodin requested permission to start a Mickey Mouse Club which Walt approved. In November, test comics strips were sent toKing Features, who requested additional samples to show to the publisher,William Randolph Hearst. On December 16, the Walt Disney Studios partnership was reorganized as a corporation with the name ofWalt Disney Productions, Limitedwith a merchandising division, Walt Disney Enterprises, and two subsidiaries, Disney Film Recording Company, Limited and Liled Realty and Investment Company for real estate holdings. Walt and his wife held 60% (6,000 shares) and Roy owned 40% of WD Productions. On December 30, King Features signed its first newspaper,New York Mirror, to publish the Mickey Mouse comic strip with Walt's permission.[ChWDC 4]In 1932, Disney signed an exclusive contract withTechnicolor(through the end of 1935) to produce cartoons in color, beginning withFlowers and Trees(1932). Disney released cartoons through Powers' Celebrity Pictures (19281930),Columbia Pictures(19301932), andUnited Artists(19321937).[6]The popularity of the Mickey Mouse series allowed Disney to plan for his first feature-length animation.[4]The feature filmWalt Before Mickeybased on the book byDiane Disney Millerfeatured these moments in the studio's history.[7]19341945:Snow White and the Seven Dwarfsand World War IIDeciding to push the boundaries of animation even further, Disney began production of his first feature-length animated film in 1934. Taking three years to complete,Snow White and the Seven Dwarfs, premiered in December 1937 and became highest-grossing film of that time by 1939.[8]Snow Whitewas released throughRKO Radio Pictures, which had assumed distribution of Disney's product in July 1937,[ChWDC 5]after United Artists attempted to attain future television rights to the Disney shorts.[9]Using the profits fromSnow White, Disney financed the construction of a new 51-acre (210,000m2) studio complex inBurbank, California. The newWalt Disney Studios, in which the company is headquartered to this day, was completed and open for business by the end of 1939.[ChWDC 6]The following year on April 2,Walt Disney Productionshad itsinitial public offering.[ChWDC 7]The studio continued releasing animated shorts and features, such asPinocchio(1940),Fantasia(1940),Dumbo(1941), andBambi(1942).[4]After World War II began, box-office profits declined. When the United States entered the war after theattack on Pearl Harbor, many of Disney's animators were drafted into the armed forces. The U.S. and Canadian governments commissioned the studioto produce training and propaganda films. By 1942 90% of its 550 employees were working on war-related films.[10]Films such as the featureVictory Through Air Powerand the shortEducation for Death(both 1943) were meant to increase public support for the war effort. Even the studio's characters joined the effort, as Donald Duck appeared in a number of comical propaganda shorts, including the Academy Award-winningDer Fuehrer's Face(1943).19461954: Post-war and television

The original Animation Building at the Walt Disney Studios.With limited staff and little operating capital during and after the war, Disney's feature films during much of the 1940s were "package films," or collections of shorts, such asThe Three Caballeros(1944) andMelody Time(1948), which performed poorly at the box-office. At the same time, the studio began producing live-action films and documentaries.Song of the South(1946) andSo Dear to My Heart(1948) featured animated segments, while theTrue-Life Adventuresseries, which included such films asSeal Island(1948) andThe Vanishing Prairie(1954), were also popular. Eight of the films in the series won Academy Awards.[11]The release ofCinderellain 1950 proved that feature-length animation could still succeed in the marketplace. Other releases of the period includedAlice in Wonderland(1951) andPeter Pan(1953), both in production before the war began, and Disney's first all-live action feature,Treasure Island(1950). Other early all-live-action Disney films includedThe Story of Robin Hood and His Merrie Men(1952),The Sword and the Rose(1953), and20,000 Leagues Under the Sea(1954). Disney ended its distribution contract with RKO in 1953, forming its own distribution arm,Buena Vista Distribution.[12]In December 1950, Walt Disney Productions andThe Coca-Cola Companyteamed up for Disney's first venture into television, theNBCtelevision network specialAn Hour in Wonderland. In October 1954, theABCnetwork launched Disney's first regular television series,Disneyland, which would go on to become one of thelongest-running primetime seriesin history.Disneylandallowed Disney a platform to introduce new projects and broadcast older ones, and ABC became Disney's partner in the financing and development of Disney's next venture, located in the middle of an orange grove nearAnaheim, California. It was the first phase of a long corporate relationship which, although no one could have anticipated it at the time, would culminate four decades later in the Disney company's acquisition of the ABC network, its owned and operated stations, and its numerous cable and publishing ventures.[citation needed]19551965: Disneyland

Disneylandopens, July 1955.In 1954, Walt Disney used hisDisneylandseries to unveil what would becomeDisneyland, an idea conceived out of a desire for a place where parents and children could both have fun at the same time. On July 18, 1955, Walt Disney opened Disneyland to the general public. On July 17, 1955, Disneyland was previewed with a live television broadcast hosted byArt LinkletterandRonald Reagan. After a shaky start, Disneyland continued to grow and attract visitors from across the country and around the world. A major expansion in 1959 included the addition of America's firstmonorail system.For the1964 New York World's Fair, Disney prepared four separate attractions for various sponsors, each of which would find its way to Disneyland in one form or another. During this time, Walt Disney was also secretly scouting out new sites for a second Disney theme park. In November 1965, "Disney World" was announced, with plans for theme parks, hotels, and even a model city on thousands of acres of land purchased outside ofOrlando, Florida.Disney continued to focus its talents on television throughout the 1950s. Its weekday afternoon children's television programThe Mickey Mouse Club, featuring its roster of young "Mouseketeers", premiered in 1955 to great success, as did theDavy Crockettminiseries, starringFess Parkerand broadcast on theDisneylandanthology show.[4]Two years later, theZorroseries would prove just as popular, running for two seasons on ABC.[13]Despite such success, Walt Disney Productions invested little into television ventures in the 1960s,[citation needed]with the exception of the long-running anthology series, later known asThe Wonderful World of Disney.[4]Disney's film studios stayed busy as well. Averaging five or six releases per year during this period. While the production of shorts slowed significantly during the 1950s and 1960s, the studio released a number of popular animated features, likeLady and the Tramp(1955),Sleeping Beauty(1959) andOne Hundred and One Dalmatians(1961), which introduced a newxerographyprocess to transfer the drawings toanimation cels.[14]Disney's live-action releases were spread across a number of genres, including historical fiction (Johnny Tremain, 1957), adaptations of children's books (Pollyanna, 1960) and modern-day comedies (The Shaggy Dog, 1959). Disney's most successful film of the 1960s was a live action/animated musical adaptation ofMary Poppins, which was one of the all-time highest grossing movies[4]and received fiveAcademy Awards, includingBest ActressforJulie AndrewsandBest SongforRobert B. Sherman & Richard M. Shermanfor "Chim Chim Cher-ee" .[15]The theme park design and architectural group became so integral to the Disney studio's operations that the studio bought it on February 5, 1965, along with theWED Enterprisesname.[16][17][18][19]19661971: The deaths of Walt and Roy Disney and the opening of Walt Disney WorldOn December 15, 1966, Walt Disney died of complications relating to lung cancer,[4]andRoy Disneytook over as chairman, CEO, and president of the company. One of his first acts was to rename Disney World as "Walt Disney World" in honor of his brother and his vision.[20]In 1967, the last two films Walt actively supervised were released, the animated featureThe Jungle Book[4]and the musicalThe Happiest Millionaire.[21]The studio released a number of comedies in the late 1960s, includingThe Love Bug(1969's highest grossing film)[4]andThe Computer Wore Tennis Shoes(1969), which starred another young Disney discovery,Kurt Russell. The 1970s opened with the release of Disney's first "post-Walt" animated feature,The Aristocats, followed by a return to fantasy musicals in 1971'sBedknobs and Broomsticks.[4]Blackbeard's Ghostwas another successful film during this period.[4]On October 1, 1971, Walt Disney World opened to the public, with Roy Disney dedicating the facility in person later that month. On December 20, 1971, Roy Disney died of a stroke. He left the company under control ofDonn Tatum,Card Walker, and Walt's son-in-lawRon Miller, each trained by Walt and Roy.19721984: Theatrical malaise and new leadershipWhile Walt Disney Productions continued releasing family-friendly films throughout the 1970s, such asEscape to Witch Mountain(1975)[4]andFreaky Friday(1976), the films did not fare as well at the box office as earlier material. However, the animation studio saw success withRobin Hood(1973),The Rescuers(1977), andThe Fox and the Hound(1981).As head of the studio, Miller attempted to make films to drive the profitable teenage market who generally passed on seeing Disney movies.[22]Inspired by the popularity ofStar Wars, the Disney studio produced the science-fiction adventureThe Black Holein 1979 that cost $20 million to make, but was lost inStar Wars'wake.[4]The Black Holewas the first Disney production to carry aPGrating in the United States.[22][N 1]Disney dabbled in the horror genre withThe Watcher in the Woods, and financed the boldly innovativeTron; both films were released to minimal success.[4]Disney also hired outside producers for film projects, which had never been done before in the studio's history.[22]In 1979, Disney entered a joint venture withParamount Pictureson the production of the 1980 film adaptation ofPopeyeandDragonslayer(1981); the first time Disney collaborated with another studio. Paramount distributed Disney films in Canada at the time, and it was hoped that Disney's marketing prestige would help sell the two films.[22]Finally, in 1982, the Disney family sold the naming rights and rail-based attractions to the Disney film studio for 818,461 shares of Disney stock then worth $42.6 million none of which went toRetlaw. Also,Roy E. Disneyobjected to the overvalued purchase price of the naming right and voted against the purchase as a Disney board director.[23]The 1983 release ofMickey's Christmas Carolbegan a string of successful movies, starting withNever Cry Wolfand theRay BradburyadaptationSomething Wicked This Way Comes.[4]The Walt Productions film division was incorporated onApril 1, 1983asWalt Disney Pictures.[24]In 1984, Disney CEO Ron Miller createdTouchstone Filmsas a brand for Disney to release more major release motion pictures. Touchstone's first release was the comedySplash(1984), which was a box office success.[25]WithThe Wonderful World of Disneyremaining a prime-time staple, Disney returned to television in the 1970s with syndicated programing such as the anthology seriesThe Mouse Factoryand a brief revival of theMickey Mouse Club. In 1980, Disney launched Walt Disney Home Video to take advantage of the newly emerging videocassette market. On April 18, 1983,The Disney Channeldebuted as a subscription-level channel on cable systems nationwide, featuring its large library of classic films and TV series, along with original programming and family-friendly third-party offerings.Walt Disney World received much of the company's attention through the 1970s and into the 1980s. In 1978, Disney executives announced plans for the second Walt Disney World theme park,EPCOT Center, which would open in October 1982. Inspired by Walt Disney's dream of a futuristic model city, EPCOT Center was built as a "permanent World's Fair", complete with exhibits sponsored by major American corporations, as well as pavilions based on the cultures of other nations. In Japan, theOriental Land Companypartnered with Walt Disney Productions to build the first Disney theme park outside of the United States,Tokyo Disneyland, which opened in April 1983.Despite the success of the Disney Channel and its new theme park creations, Walt Disney Productions was financially vulnerable. Its film library was valuable, but offered few current successes, and its leadership team was unable to keep up with other studios, particularly the works ofDon Bluth, who defected from Disney in 1979.By the early 1980s, the parks were generating 70% of Disney's income.[4]In 1984, financierSaul Steinberg's Reliance Group Holdings launched ahostile takeoverbid for Walt Disney Productions,[4]with the intent of selling off some of its operations.[26]Disney bought out Reliance's 11.1% stake in the company. However, another shareholder filed suit claiming the deal devaluated Disney's stock and for Disney management to retain their positions. The shareholder lawsuit was settled in 1989 for a total of $45 million from Disney and Reliance.[4]19842005: The Eisner era and the Save Disney campaign

A view of downtownCelebration, Florida: the city was planned byThe Walt Disney Company.See alsoTimeline of The Walt Disney Company: 1984-2004.With theSid Bassfamily purchase of 18.7 percent of Disney, Bass and the board brought inMichael EisnerfromParamount Picturesas CEO andFrank WellsfromWarner Bros.as president. Eisner emphasized Touchstone Films withDown and Out in Beverly Hills(1985) to start leading to increased output withGood Morning, Vietnam(1987),Dead Poets Society(1989),Pretty Woman(1990) and additional hits. Eisner used expanding cable and home video markets to sign deals using Disney shows and films with a long-term deal withShowtime Networksfor Disney/Touchstone releases through 1996 and entering television with syndication and distribution for TV series asThe Golden GirlsandHome Improvement. Disney began limited releases of its previous films on video tapes in the late 1980s. Eisner's Disney purchasedKHJ, an independent Los Angeles TV station.[4]Organized in 1985,Silver Screen PartnersII, LP financed films for Disney with $193 million. In January 1987, Silver Screen III began financing movies for Disney with $300 million raised, the largest amount raised for a film financing limited partnership by E.F. Hutton.[27]Silver Screen IV was also set up to finance Disney's studios.[28]Beginning withWho Framed Roger Rabbitin 1988, Disney'sflagship animation studioenjoyed aseries of commercial and critical successeswith such films asThe Little Mermaid(1989),Beauty and the Beast(1991),Aladdin(1992) andThe Lion King(1994). In addition, the company successfully entered the field of television animation with a number of lavishly budgeted and acclaimed series such asAdventures of the Gummi Bears,Duck Tales,Chip 'n Dale Rescue Rangers,Darkwing DuckandGargoyles.[citation needed]Disney moved to first place in box office receipts by 1988 and had increased revenues by 20% every year.[4]In 1989, Disney signed an agreement-in-principle to acquireThe Jim Henson Company(then known as Henson Associates) from its founder,MuppetcreatorJim Henson. The deal included Henson's programming library and Muppet characters (excluding the Muppets created forSesame Street), as well as Jim Henson's personal creative services. However, in May 1990, before the deal was completed, Jim Henson died, and the two companies broke off merger negotiations the following December.[29]Named the "Disney Decade" by the company, the executive talent attempted to move the company to new heights in the 1990s with huge changes and accomplishments.[4]In September 1990, The Disney Company arranged for financing up to $200 million by a unit ofNomura SecuritiesforInterscopefilms made for Disney. On October 23, Disney formedTouchwood Pacific PartnersI which would supplant the Silver Screen Partnership series as their movie studios' primary source of funding.[28]In 1991, hotels, home video distribution, and Disney merchandising became 28 percent of total company revenues with international revenues contributed 22 percent of revenues. The company committed its studios in the first quarter of 1991 to produce 25 films in 1992. However, 1991 saw net income drop by 23% and had no growth for the year, but saw the release of Beauty and the Beast, winner of 2 Academy Awards and top grossing film in the genre. Disney next moved into publishing withHyperion Booksand adult music withHollywood RecordswhileDisney Imagineeringwas laying off 400 employees.[4]Disney also broadened its adult offerings in film when then Disney Studio ChairmanJeffrey KatzenbergacquiredMiramax Filmsin 1993. That same year Disney created theNHLteam theMighty Ducks of Anaheim, named after the1992 hit film of the same name. Disney purchased a minority stake in theAnaheim Angelsbaseball team around the same time.[4]Wells died in a helicopter crash in 1994.[4]Shortly thereafter, Katzenberg resigned and formedDreamWorks SKGbecause Eisner would not appoint Katzenberg to Wells' now-available post (Katzenberg had also sued over the terms of his contract).[4]Instead, Eisner recruited his friendMichael Ovitz, one of the founders of theCreative Artists Agency, to be President, with minimal involvement from Disney's board of directors (which at the time included Oscar-winning actorSidney Poitier, the CEO ofHilton Hotels CorporationStephen Bollenbach, formerU.S. SenatorGeorge Mitchell,YaledeanRobert A. M. Stern, and Eisner's predecessorsRaymond WatsonandCard Walker). Ovitz lasted only 14 months and left Disney in December 1996 via a "no fault termination" with aseverance packageof $38million in cash and 3 millionstock optionsworth roughly $100million at the time of Ovitz's departure. The Ovitz episode engendered a long runningderivative suit, which finally concluded in June 2006, almost 10 years later. ChancellorWilliam B. Chandler, IIIof theDelaware Court of Chancery, despite describing Eisner's behavior as falling "far short of what shareholders expect and demand from those entrusted with afiduciaryposition..." found in favor of Eisner and the rest of the Disney board because they hadn't violated the letter of the law (namely, theduty of careowed by a corporation's officers and board to its shareholders).[30]Eisner attempted in 1994 to purchaseNBCfrom GE, but the deal failed due to GE wanting to keep 51% ownership of the network. Disney acquired many other media sources during the decade, including a merger withCapital Cities/ABCin 1995 which brought broadcast networkABCand its assets, including theA&E Television NetworksandESPNnetworks, into the Disney fold.[4]Eisner felt that the purchase of ABC was an important investment to keep Disney surviving and allowing it to compete with international multimedia conglomerates.[31]Disney lost a $10.4 million lawsuit in September 1997 to Marsu B.V. over Disney's failure to produce as contracted 13 half-hourMarsupilamicartoon shows. Instead Disney felt other internal "hot properties" deserved the company's attention.[32]Disney took control of theAnaheim Angelsin 1996, and purchased a majority stake in the team in 1998. That same year, Disney began a move into the internet field with the purchase ofStarwaveand 43 percent ofInfoseek. In 1999, Disney purchased the remaining shares of Infoseek and launch theGo Networkportal in January. Disney also launched itscruise linewith the christening ofDisney Magicand a sister ship,Disney Wonder.[4]As the Katzenberg case dragged on as his contract included a portion of the film revenue from ancillary markets forever. Katzenberg had offered $100 to settle the case but Eisner felt the original claim amount of about half a billion too much, but then the ancillary market clause was found. Disney lawyers tried to indicate a decline situation which reveal the some of the problems in the company. ABC had declining rating and increasing costs while the film segment had two film failures. While neither party revealed the settlement amount, it is estimated at $200 million.[4]Eisner's controlling style inhibited efficiency and progress according to some critics, while other industry experts indicated that "age compression" theory led to a decline in the company's target market due to youth copying teenage behavior earlier.[4]2000 brought an increase in revenue of 9% and net income of 39% with ABC and ESPN leading the way and Parks and Resorts marking its sixth consecutive year of growth. However theSeptember 11 attacksled to a complete halt of vacation travel and led to a recession. The recession led to a decrease in ABC revenue. Plus, Eisner had the company make an expensive purchase ofFox Family Worldwide. 2001 was a year of cost cutting laying off 4,000 employees, Disney parks operations decreased, slashing annual live-action film investment, and minimizing Internet operations. While 2002 revenue had a small decrease from 2001 with the cost cutting, net income rose to $1.2 billion with two creative film releases. In 2003, the Studio became the first studio to record over $3 billion in worldwide box office receipts.[4]Eisner did not want the board to renominateRoy E. Disney, the son of Disney co-founderRoy O. Disney, as a board director citing his age of 72 as a required retirement age.Stanley Goldresponded by resigning from the board and requesting the other board members oust Eisner.[4]In 2003, Disney resigned from his positions as the company's vice chairman and chairman ofWalt Disney Feature Animation,[ChWDC 8]accusing Eisner ofmicromanagement, flops with the ABC television network, timidity in thetheme parkbusiness, turning the Walt Disney Company into a "rapacious, soul-less" company, and refusing to establish a clear succession plan, as well as a string of box-office movie flops starting in the year 2000.On May 15, 2003, Disney sold their stake in theAnaheim Angelsbaseball team toArte Moreno. Disney purchased the rights toThe Muppetsand theBear in the Big Blue Housefranchises fromThe Jim Henson Companyon February 17, 2004.[33]The two brands were placed under control of theMuppets Holding Company, LLC, a unit ofDisney Consumer Products.[34]In 2004,Pixar Animation Studiosbegan looking for another distributor after its 12-year contract with Disney ended, due to its strained relationship over issues of control and money with Eisner. Also that year,ComcastCorporation made an unsolicited $54 billion bid to acquire Disney. A couple of high budget movies flopped at the box office. With these difficulties and with some board directors dissatisfied, Eisner ceded the board chairmanship.[4]On March 3, 2004, at Disney's annual shareholders' meeting, a surprising 45% of Disney's shareholders, predominantly rallied by former board members Roy Disney andStanley Gold, withheld theirproxiesto re-elect Eisner to the board. Disney's board then gave the chairmanship position to Mitchell. However, the board did not immediately remove Eisner as chief executive.[ChWDC 9]In 2005, Disney sold theMighty Ducks of Anaheimhockey team toHenry and Susan Samueli.[4]On March 13, 2005,Robert Igerwas announced as Eisner successor as CEO. On September 30, Eisner resigned both as an executive and as a member of the board of directors.[ChWDC 10]2005present: The Iger era

Team DisneyBurbank, which houses the offices of Disney's CEO and several other senior corporate officials.On July 8, 2005, Walt Disney's nephew,Roy E. Disneyreturned to The Walt Disney Company as a consultant and with the new title of Non Voting Director, Emeritus.Walt Disney Parks and Resortscelebrated the 50th anniversary ofDisneyland Parkon July 17, and openedHong Kong Disneylandon September 12.Walt Disney Feature AnimationreleasedChicken Little, the company's first film using 3-D animation. On October 1,Bob Igerreplaced Michael Eisner as CEO. Miramax co-foundersBob WeinsteinandHarvey Weinsteinalso departed the company to form theirown studio. On July 25, 2005, Disney announced that it was closing DisneyToon Studios Australia in October 2006, after 17 years of existence.[35]In 2006, Disney acquiredOswald the Lucky Rabbit, Disneys pre-Mickey silent animation star.[36]Aware that Disney's relationship with Pixar was wearing thin, President and CEO Robert Iger began negotiations with leadership ofPixar Animation Studios,Steve JobsandEd Catmull, regarding possible merger. On January 23, 2006, it was announced that Disney would purchase Pixar in an all-stock transaction worth $7.4billion. The deal was finalized on May 5; and among noteworthy results was the transition of Pixar's CEO and 50.1% shareholder,Steve Jobs, becoming Disney's largest individual shareholder at 7% and a member of Disney's Board of Directors.[37][38]Ed Catmull took over as President of Pixar Animation Studios. Former Executive Vice-President of Pixar,John Lasseter, becameChief Creative OfficerofWalt Disney Animation Studios, its divisionDisneyToon Studios, and Pixar Animation Studios, as well assuming the role of Principal Creative Advisor atWalt Disney Imagineering.[38]In April 2007, the Muppets Holding Company, LLC was renamedThe Muppets Studioand placed under new leadership in an effort by Iger to re-brand the division. The re-branding was completed in September 2008, when control of The Muppets Studio was transferred from Disney Consumer Products to theWalt Disney Studios.[33]After a long time working in the company as a senior executive and large shareholder, Director Emeritus Roy E. Disney died from stomach cancer on December 16, 2009. At the time of his death, he owned roughly 1% of all of Disney which amounted to 16 million shares. He is seen to be the last member of theDisney familyto be actively involved in the running of the company and working in the company altogether.[citation needed]On August 31, 2009, Disney announced a deal to acquireMarvel Entertainment, Inc. for $4.24 billion.[39]The deal was finalized on December 31, 2009 in which Disney acquired full ownership on the company.[40]Disney has stated that their acquisition of Marvel Entertainment will not affect Marvel's products, neither will the nature of any Marvel characters be transformed.[41]In October 2009, Disney Channel presidentRich Ross, hired by Iger, replacedDick Cookas chairman of the company and, in November, began restructuring the company to focus more on family friendly products. Later in January 2010, Disney decided to shut down Miramax after downsizing Touchstone, but one month later, they instead began selling the Miramax brand and its 700-title film library toFilmyard Holdings. On March 12,ImageMovers Digital,Robert Zemeckis's company which Disney had bought in 2007, was shut down. In April 2010,Lyric Street, Disney's country music label in Nashville, was shut down. In May 2010, the company sold thePower Rangersbrand, as well as its 700-episode library, back toHaim Saban. In June, the company canceledJerry Bruckheimer's film projectKilling Rommel.[42]In January 2011,Disney Interactive Studioswas downsized.[43]In November, two ABC stations were sold.[44]With the release ofTangledin 2010, Ed Catmull said that the "princess" genre of films was taking a hiatus until "someone has a fresh take on it ... but we don't have any other musicals or fairytales lined up."[45]He explained that they were looking to get away from the princess era due to the changes in audience composition and preference.[citation needed]However, in the Facebook page, Ed Catmull stated that this was just a rumor.[46]In April 2011, Disney broke ground onShanghai Disney Resort. Costing $4.4 billion, the resort is slated to open in 2015.[47]Later, in August 2011, Bob Iger stated on a conference call that after the success of thePixarandMarvelpurchases, he and the Walt Disney Company are looking to "buy either new characters or businesses that are capable of creating great characters and great stories."[48]Later, in early February 2012, Disney completed its acquisition ofUTV Software Communications, expanding their market further intoIndiaand Asia.[49]On October 30, 2012, Disney announced plans to acquireLucasfilm, along with plans to produce aseventh installmentin itsStar Warsfranchise for 2015.[50]On December 4, 2012, the Disney-Lucasfilm merger was approved by theFederal Trade Commission, allowing the acquisition to be finalized without dealing withantitrustproblems.[51]On December 21, 2012, the deal was completed with the acquisition value amounting to approximately $4.06 billion, and thus Lucasfilm became a wholly owned subsidiary of Disney (which coincidentally reunited Lucasfilm under the same corporate umbrella with its former spin-off and new sibling, Pixar).[52]On May 29, 2013, Disney set release dates for eight currently untitled animated films through 2018, including four from Disney Animation and four from Pixar Animation.[53]On March 24, 2014, Disney boughtMaker Studios, aYouTubecompany generating billions of views each year, for over $500 million in order to advertise to viewers in the crucial teenage/young adult demographics.[54]On May 9, 2014, Disney announced they have reached an agreement withJapan'sTV Asahi Corporationto air an English dub of theDoraemonanime series onDisney XD.[55]In July 2014, The Walt Disney Company announced 11 startups that would begin in the companys accelerator program.[56]In August 2014, The Walt Disney Company filed three patents for using drones. Patents included using unmanned aerial vehicles (UAV) to lift marionettes in the air, raise mesh screens for floating video projections, and equipping drones with lights to make them part of a new kind of light show.[57]On February 5, 2015, it was announced thatTom Staggshad been promoted toCOO.[58]Company divisions and subsidiariesMain article:List of assets owned by DisneyThe Walt Disney Company operates through four primary business units, which it calls "business segments": Studio Entertainment, with the primary business unitThe Walt Disney Studios, which includes the company's film, music recording label, and theatrical divisions;Parks and Resorts, featuring the company's theme parks,cruise line, and other travel-related assets;Media Networks, which includes the company's television properties; andDisney Consumer Products and Interactive Media, which produces toys, clothing, and other merchandising based upon Disney-owned properties, as well as including Disney's Internet, mobile, social media, virtual worlds, and computer games operations.[59]Three segments are led by chairmen, but Disney Consumer Products and Interactive Media are currently both led by a president.Marvel Entertainmentis also a direct CEO reporting business, while its financial results are primarily divided between the Studio Entertainment and Consumer Products segments.[citation needed]While Maker Studios is split between Studio Entertainment and Media Networks segments.[60]The Company's main entertainment holdings includeWalt Disney Studios,Disney Music Group,Disney Theatrical Group,Disney-ABC Television Group,Radio Disney,ESPN Inc.,Disney Interactive,Disney Consumer Products,Disney India Ltd.,The Muppets Studio,Pixar Animation Studios,Marvel Entertainment,Marvel Studios,UTV Software Communications,LucasfilmandMaker Studios.The Company's resorts and diversified related holdings includeWalt Disney Parks and Resorts,Disneyland Resort,Walt Disney World Resort,Tokyo Disney Resort,Disneyland Paris,Euro Disney S.C.A.,Hong Kong Disneyland Resort,Disney Vacation ClubandDisney Cruise Line.Disney Media NetworksDisney Media Networksis a business segment and primary unit of The Walt Disney Company that contains the company's various television networks, cable channels, associated production and distribution companies and owned and operated television stations. Media Networks also manages Disney's interest in its joint venture withHearst Corporation,A+E NetworksandESPN Inc.. Unlike the four other business segments, it is the only one with two leaders or "co-chairs": the presidents of ESPN and Disney-ABC Television Group.[61]Thus, Disney has a total of eight business unit leaders who report to the CEO and COO. DisneyABC Television Group ABC Television Network ABC Family Worldwide ABC Family ABC Owned Television StationsGroup Live Well Network A+E Networks(50%) Disney Channels Worldwide Radio Disney Disney Television Animation Hulu(32%) ESPN Inc.(80%)[61]

Executive managementFurther information:List of management of The Walt Disney CompanyPresidents 19231945:Walt Disney 19451966:Roy O. Disney 19661971:Donn Tatum 19711977:Card Walker 19781983:Ron W. Miller 19841994:Frank Wells 19951997:Michael Ovitz 20002012:Bob IgerChief executive officers 19291971:Roy O. Disney 19711976:Donn Tatum 19761983:Card Walker 19831984:Ron W. Miller 19842005:Michael Eisner 2005present:Bob IgerChairmen of the BoardWalt Disney dropped his Chairman title in 1960 to focus more on the creative aspects of the company, becoming "executive producer in charge of all production." After a four-year vacancy, Roy O. Disney assumed the chairmanship. 19451960:Walt Disney 19641971:Roy O. Disney 19711980:Donn Tatum 19801983:Card Walker 19831984:Raymond Watson 19842004:Michael Eisner 20042006:George J. Mitchell 20072012:John E. Pepper, Jr. 2012present:Bob IgerVice Chairman of the Board 19842003:Roy E. Disney 19992000: Sanford Litvack (Co-Vice Chair)Chief operating officers 19841994:Frank Wells 19971999: Sanford Litvack[62](Acting Chief of Operations) 20002005:Bob Iger 2015present:Tom Staggs[58]Financial dataRevenuesAnnual gross revenues of The Walt Disney Company(in millions USD)

YearStudio Entertainment[Rev 1]Disney Consumer Products[Rev 2]Walt DisneyParks and ResortsDisney Media Networks[Rev 3]Disney Interactive[Rev 4][Rev 5]Total

1991[63]2,593.07242,794.06,111

1992[63]3,1151,0813,3067,502

1993[63]3,673.41,415.13,440.78,529

1994[64][65][66]4,7931,798.23,463.635910,414

1995[64][65][66]6,001.52,1503,959.841412,525

1996[65][67]10,095[Rev 2]4,5024,142[Rev 6]18,739

1997[68]6,9813,7825,0146,52217422,473

1998[68]6,8493,1935,5327,14226022,976

1999[68]6,5483,0306,1067,51220623,402

2000[69]5,9942,6026,8039,61536825,402

2001[70]7,0042,5906,0099,56925,790

2002[70]6,4652,4406,6919,73325,360

2003[71]7,3642,3446,41210,94127,061

2004[71]8,7132,5117,75011,77830,752

2005[72]7,5872,1279,02313,20731,944

2006[72]7,5292,1939,92514,36834,285

2007[73]7,4912,34710,62615,04635,510

2008[74]7,3482,41511,50415,85771937,843

2009[75]6,1362,42510,66716,20971236,149

2010[76]6,7012,67810,76117,16276138,063

2011[77]6,3513,04911,79718,71498240,893

2012[78]5,8253,25212,92019,43684542,278

2013[79]5,9793,55514,08720,3561,06445,041

2014[80]7,2783,98515,09921,1521,29948,813

1. Jump up^Also named Films2. ^Jump up to:abMerged into Creative Content in 19963. Jump up^Broadcasting from 1994 to 19964. Jump up^Walt Disney Internet Group, from 1997 to 2000, next merged withDisney Media Networks5. Jump up^Disney Interactive Media Group, starting in 2008 with the merge of WDIG andDisney Interactive Studios6. Jump up^Following the purchase of ABCNet incomeNet income of The Walt Disney Company(in millions USD)

YearStudio Entertainment[NI 1]Disney Consumer Products[NI 2]Walt DisneyParks and ResortsDisney Media Networks[NI 3]Disney Interactive[NI 4]/Disney Interactive Media Group[NI 5]Total

1991[63]3182295461,094

1992[63]5082836441,435

1993[63]6223557461,724

1994[64][65]779425684771,965

1995[64][65]998510860762,445

1996[65]1,596[NI 2]990747300[NI 6]3,033

1997[68]1,0798931,1361,699564,312

1998[68]7698011,2881,746943,231

1999[68]1166071,4461,611933,231

2000[69]1104551,6202,2984024,081

2001[70]2604011,5861,7584,214

2002[70]2733941,1699862,826

2003[71]6203849571,2133,174

2004[71]6625341,1232 1694,488

2005[72]2075431,1783,2095,137

2006[72]7296181,5343,6106,491

2007[73]1,2016311,7104,2857,827

2008[74]1,0867781,8974,9422588,445

2009[75]1756091,4184,7652956,672

2010[76]6936771,3185,1322347,586

2011[77]6188161,5536,1463088,825

2012[78]7229371,9026,6192169,964

2013[79]6611,1122,2206,8188710,724

2014[80]1,5491,3562,6637,32111613,005

1. Jump up^Also named Films2. ^Jump up to:abMerged into Creative Content in 19963. Jump up^Broadcasting from 1994 to 19964. Jump up^Walt Disney Internet Group, from 1997 to 2000, next merged withDisney Media Networks5. Jump up^Disney Interactive Media Group, merge of WDIG andDisney Interactive Studios6. Jump up^Not linked to WDIG, Disney reported a $300M loss due to financial modification regarding real estateCriticismFor more details on this topic, seeCriticism of The Walt Disney Company.Some of Disney's animated family films have drawn fire for being accused of having sexual references hidden in them, among themThe Little Mermaid(1989),Aladdin(1992), andThe Lion King(1994). Instances of sexual material hidden in some versions ofThe Rescuers(1977) andWho Framed Roger Rabbit(1988) resulted in recalls and modifications of the films to remove such content.[81]Some religious welfare groups, such as theCatholic League, have opposed films includingPriest(1994) andDogma(1999).[82]A book calledGrowing Up Gay, published by Disney-ownedHyperionand similar publications, as well as the company's extension of benefits tosame-sexdomestic partners, spurredboycottsof Disney and its advertisers by the Catholic League, theAssemblies of God USA, theAmerican Family Association, and other conservative groups.[82][83][84]The boycotts were discontinued by most of these organizations by 2005.[85]In addition to these social controversies, the company has been accused of human rights violations regarding the working conditions in factories that produce their merchandise.[86][87]See also