The Walt Disney Company (DIS; commonly referred to as Disney) is the second largest media conglomerate in the world in terms of revenue, after NBC/Comcast and WarnerMedia. Founded on October 16, 1923, by Walt and Roy Disney as the Disney Brothers Cartoon Studio, Walt Disney Productions established itself as a leader in the American animation industry before diversifying into live-action film production, television, and travel. Taking on its current name in 1986, The Walt Disney Company expanded its existing operations and also started divisions focused upon theatre, radio, publishing, and online media. In addition, it has created new divisions of the company in order to market more mature content than it typically associates with its flagship family-oriented brands.
The company is best known for the products of its film studio, the Walt Disney Motion Pictures Group, and today one of the largest and best-known studios in Hollywood. Disney also owns and operates the ABC broadcast television network; cable television networks such as Disney Channel, ESPN, A&E Television Networks, and Freeform; publishing, merchandising, and theatre divisions; and owns and licenses 14 theme parks around the world. The company has been a component of the Dow Jones Industrial Average since May 6, 1991. An early and well-known cartoon creation of the company, Mickey Mouse, is the official mascot of The Walt Disney Company.
1923–1928: The silent era
In early 1923, Kansas City, Missouri animator Walt Disney created a short film entitled Alice's Wonderland, which featured child actress Virginia Davis interacting with animated characters. Film distributor Margaret J. Winkler contacted Disney with plans to distribute a whole series of Alice Comedies based upon Alice's Wonderland. The contract signed, Walt and his brother Roy Disney moved to Los Angeles. On October 16, 1923, they officially set up shop in their uncle Robert Disney's garage, marking the beginning of the Disney Brothers Cartoon Studio. Within a few months, the company moved into the back of a realty office in downtown Los Angeles, where production continued on the Alice Comedies until 1927. In 1926, the studio moved to a newly constructed studio facility on Hyperion Avenue in the Silver Lake district of Los Angeles.
After the demise of the Alice comedies, Disney developed an all-cartoon series starring his first original character, Oswald the Lucky Rabbit, which was distributed by Winkler Pictures through Universal Pictures. Disney only completed 26 Oswald shorts before losing the contract in February 1928, when Winkler's husband Charles Mintz took over their distribution company. Mintz hired away all of Disney's animators except Ub Iwerks to start his own animation studio.
1928–1934: Mickey Mouse and Silly Symphonies
In 1928, to recover from the loss of Oswald the Lucky Rabbit, Walt Disney and Ub Iwerks created Mickey Mouse. Disney's first sound film Steamboat Willie, a cartoon starring Mickey, was released on November 18, 1928. It was the third Mickey Mouse cartoon, behind Plane Crazy and The Gallopin' Gaucho. It was also the first cartoon to feature synchronized sound. Disney used Pat Powers' Cinephone system, created by Powers using Lee De Forest's Phonofilm system. Steamboat Willie premiered at B. S. Moss's Colony Theater in New York City, now The Broadway Theatre.
Disney continued to produce cartoons with Mickey Mouse and other characters, and began the Silly Symphonies series, which was advertised as "Mickey Mouse Presents a Walt Disney Silly Symphony". In 1932, Disney signed an exclusive contract with Technicolor (through the end of 1935) to produce cartoons in color, beginning with Flowers and Trees (1932). Disney released cartoons through Powers' Celebrity Pictures (1928–1930), Columbia Pictures (1930–1932), and United Artists (1932–1937). The popularity of the Mickey Mouse series and the Silly Symphony series allowed Disney to plan for his first feature-length animation.
1934–1945: Snow White and the Seven Dwarfs and World War II
Deciding 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, based upon the Grimm Brothers' fairy tale, premiered in December 1937 and became the highest-grossing film of that time by 1939. Snow White was released through RKO Radio Pictures, which had assumed distribution of Disney's product in July 1937, after United Artists attempted to attain future television rights to the Disney shorts.
Using the profits from Snow White, Disney financed the construction of a new studio complex in Burbank, California. The new Walt Disney Studios, in which the company is headquartered to this day, was completed and open for business by the end of 1939. The following year, Walt Disney Productions had its initial public offering.
The studio continued releasing animated shorts and features, such as Pinocchio (1940), Fantasia (1940), Dumbo (1941), and Bambi (1942). After World War II began, box-office profits declined. When the United States entered the war after the attack on Pearl Harbor, many of Disney's animators were drafted into the armed forces. The U.S. and Canadian governments commissioned the studio to produce training and propaganda films. By 1942 90% of its 550 employees were working on war-related films. Films such as the feature Victory Through Air Power and the short Education for Death (both 1943) were meant to increase public support for the war effort. Even the studio's characters joined the effort, as Donald Duck appeared in a number of comical propaganda shorts, including the Academy Award-winning Der Fuehrer's Face (1943).
1946–1954: Post-war and television
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 as The Three Caballeros (1944) and Melody 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) and So Dear to My Heart (1948) featured animated segments, while the True-Life Adventures series, which included such films as Seal Island (1948) and The Vanishing Prairie (1954), were also popular and won numerous awards.
The release of Cinderella in 1950 proved that feature-length animation could still succeed in the marketplace. Other releases of the period included Alice in Wonderland (1951) and Peter 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 included The Story of Robin Hood and His Merrie Men (1952), The Sword and the Rose (1953), and 20,000 Leagues Under the Sea (1954). Disney ended its distribution contract with RKO in 1953, forming its own distribution arm, Buena Vista Distribution.
In December 1950, Walt Disney Productions and The Coca-Cola Company teamed up for Disney's first venture into television, the NBC television network special An Hour in Wonderland. In October 1954, the ABC network launched Disney's first regular television series, Disneyland, which would go on to become one of the longest-running primetime series of all time. Disneyland allowed 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 near Anaheim, California.
In 1954, Walt Disney used his Disneyland series to unveil what would become Disneyland, 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 by Art Linkletter and Ronald 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 first monorail system.
For the 1964 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 of Orlando, Florida.
Disney continued to focus its talents on television throughout the 1950s. Its weekday afternoon children's television program The Mickey Mouse Club, featuring its roster of young "Mouseketeers", premiered in 1955 to great success, as did the Davy Crockett miniseries, starring Fess Parker and broadcast on the Disneyland anthology show. Two years later, the Zorro series would prove just as popular, running for two seasons on ABC, as well as separate episodes on the Disneyland series. Despite such success, Walt Disney Productions invested little into television ventures in the 1960s, with the exception of the long-running anthology series, later known as The Wonderful World of Disney.
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, like Lady and the Tramp (1955), Sleeping Beauty (1959) and One Hundred and One Dalmatians (1961), which introduced a new xerography process to transfer the drawings to animation cels. 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 of Mary Poppins, which received five Academy Awards, including Best Actress Julie Andrews.
1966–1971: The deaths of Walt and Roy Disney and the opening of Walt Disney World
On December 15, 1966, Walt Disney died of lung cancer, and Roy Disney took 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.
In 1967, the last two films Walt actively followed were released: the animated feature The Jungle Book and the musical The Happiest Millionaire. The studio released a number of comedies in the late 1960s, including The Love Bug (1968) and The 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's Bedknobs and Broomsticks.
On October 1, 1971, Walt Disney World opened to the public, with Roy Disney dedicating the facility in person later that month. Two months later, on December 20, 1971, Roy Disney died of a stroke, leaving the company under control of Donn Tatum, Card Walker, and Walt's son-in-law Ron Miller, each trained by Walt and Roy.
1972–1984: Theatrical malaise and new leadership
While Walt Disney Productions continued releasing family-friendly films throughout the 1970s, such as Escape to Witch Mountain (1975) and Freaky Friday (1976), the films did not fare as well at the box office as earlier material. However, the animation studio saw success with Robin Hood (1973), The Rescuers (1977), and The Fox and the Hound (1981).
Inspired by the popularity of Star Wars, the Disney studio produced the science-fiction adventure The Black Hole in 1979. The Black Hole was one of the first Disney releases to carry a PG rating, the first being Take Down, also released in 1979. In 1980, Disney has joined venture with Paramount Pictures on the production of the 1980 film adaptation of Popeye, which was a critical failure, yet a moderate box office success. Disney joined with Paramount again in the 1981 fantasy epic Dragonslayer, which was more mature than anything Disney was ever involved with at the time, though it was a box office failure. The releases of these and other PG-rated Disney films such as the boldly innovative Tron (1982) led Disney CEO Ron Miller to create Touchstone Pictures as a brand for Disney to release more adult-oriented material. Touchstone's first release was the comedy Splash (1984), which was a box office success.
With The Wonderful World of Disney remaining a prime-time staple, Disney returned to television in the 1970s with syndicated programing such as the anthology series The Mouse Factory and a brief revival of the Mickey 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 Channel debuted 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, the Oriental Land Company partnered 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 of Don Bluth, who defected from Disney in 1979. In 1984, financier Saul Steinberg launched a hostile takeover bid for Walt Disney Productions, with the intent of selling off its various assets. Disney successfully fought off the bid with the help of friendly investors, and Sid Bass and Roy Disney's son Roy Edward Disney brought in Michael Eisner and Jeffrey Katzenberg from Paramount Pictures and Frank Wells from Warner Bros. to head up the company.
1984–2004: The Eisner era
Since Walt's death in 1966, The Walt Disney Company had narrowly survived takeover attempts by corporate raiders. Its shareholders Sid Bass and Roy E. Disney brought on Eisner and former Warner Brothers chief Frank Wells to replace Ron W. Miller in 1984 and strengthen the company.
During the second half of the 1980s and early 1990s, Disney revitalized. Beginning with Who Framed Roger Rabbit (1988), and later, The Little Mermaid (1989), its flagship animation studio enjoyed a series of commercial and critical successes. In addition, the company successfully entered the field of television animation with a number of lavishly budgeted and acclaimed series such as Adventures of the Gummi Bears, DuckTales and Gargoyles. Disney also broadened its adult offerings in film when then Disney Studio Chairman Jeffrey Katzenberg acquired Miramax Films in 1993. Disney acquired many other media sources during the decade, including a merger with Capital Cities/ABC in 1996 which brought broadcast network ABC and its assets, including the ESPN networks, into the Disney fold.
During the early part of the 1990s, Eisner and his partners set out to plan "The Disney Decade" which was to feature new parks around the world, existing park expansions, new films, and new media investments. While some of the proposals did follow through, most did not. These included the Euro Disney Resort (now Disneyland Paris), Disney-MGM Studios (now Disney's Hollywood Studios), Disney California Adventure Park, Disney-MGM Studios Paris (eventually opened in 2002 as Walt Disney Studios Park), and various film projects including a Who Framed Roger Rabbit franchise.
Wells died in a helicopter crash in 1994 (The Lion King, which went on to become the most successful hand-drawn animated picture of all time, was dedicated to his memory). Shortly thereafter, Katzenberg resigned and formed DreamWorks SKG with partners Steven Spielberg and David Geffen because Eisner would not appoint Katzenberg to Wells' now-available post. Instead, Eisner recruited his friend Michael Ovitz, one of the founders of the Creative Artists Agency, to be President, with minimal involvement from Disney's board of directors (which at the time included Oscar-winning actor Sidney Poitier, the CEO of Hilton Hotels Corporation Stephen Bollenbach, former U.S. Senator George Mitchell, Yale dean Robert A. M. Stern, and Eisner's predecessors Raymond Watson and Card Walker). Ovitz lasted only 14 months and left Disney in December 1996 via a "no fault termination" with a severance package of $38 million in cash and 3 million stock options worth roughly $100 million at the time of Ovitz's departure. The Ovitz episode engendered a long-running derivative suit, which finally concluded in June 2006, almost 10 years later. Chancellor William B. Chandler, III of the Delaware Court of Chancery, despite describing Eisner's behavior as falling "far short of what shareholders expect and demand from those entrusted with a fiduciary position..." found in favor of Eisner and the rest of the Disney board because they hadn't violated the letter of the law (namely, the duty of care owed by a corporation's officers and board to its shareholders).
"Save Disney" campaign and Eisner's ouster
In 2003, Roy E. Disney, the son of Disney co-founder Roy O. Disney and nephew of Walt Disney, resigned from his positions as the company's vice chairman and chairman of Walt Disney Feature Animation, accusing Eisner of micromanagement, flops with the ABC television network, timidity in the theme park business, 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 March 3, 2004, at Disney's annual shareholders' meeting, a surprising and unprecedented 43% of Disney's shareholders, predominantly rallied by former board members Roy Disney and Stanley Gold, withheld their proxies to 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.
On March 13, 2005, Eisner announced that he would step down as CEO one year before his contract expired. On September 30, Eisner resigned both as an executive and as a member of the board of directors, and, severing all formal ties with the company, he waived his contractual rights to perks such as the use of a corporate jet and an office at the company's Burbank headquarters. Eisner's replacement was his longtime assistant, Robert Iger.
2005–present: The Iger Era
On July 8, 2005, Walt Disney's nephew, Roy E. Disney returned to The Walt Disney Company as a consultant and with the new title of Non Voting Director, Emeritus. Walt Disney Parks and Resorts celebrated the 50th Anniversary of Disneyland Park on July 17, and opened Hong Kong Disneyland on September 12. Walt Disney Feature Animation released Chicken Little, the company's first film using 3-D animation. On October 1, Robert Iger replaced Michael Eisner as CEO. Miramax co-founders Bob Weinstein and Harvey Weinstein also departed the company to form their own studio. On July 25, 2005, Disney announced that it was closing DisneyToon Studios Australia in October 2006, after 17 years of existence.
In 2006, Disney acquired Oswald the Lucky Rabbit, Disney's first animation star. Aware that Disney's relationship with Pixar was wearing thin, President and CEO Robert Iger began negotiations with leadership of Pixar Animation Studios, Steve Jobs and Ed Catmull, regarding possible merger. On January 23, 2006, it was announced that Disney would purchase Pixar in an all-stock transaction worth $7.4 billion. The deal was 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. Ed Catmull took over as President of Pixar Animation Studios. Former Executive Vice-President of Pixar, John Lasseter, became Chief Creative Officer of both Walt Disney Animation Studios and Pixar Animation Studios, as well assuming the role of Principal Creative Adviser at Walt Disney Imagineering.
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 had roughly 1% of all Disney shares which amounted to 16 million. He is seen to be the last member of the Disney family to be actively involved in the running of the company and working in the company altogether.
On December 31, 2009, Disney acquired Marvel Entertainment, Inc. for $4.24 billion. Disney has stated that their acquisition of the company will not affect Marvel's products, neither will the nature of any Marvel characters be transformed.
In October 2009, Disney Channel president Rich Ross, hired by Iger, replaced Dick Cook as 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 began selling the Miramax brand and its 700-title film library. 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 the Power Rangers brand, as well as its 700-episode library, back to Haim Saban. In June, the company canceled Jerry Bruckheimer's film project Killing Rommel. In September 2010, Disney Interactive Studios was downsized. In November, two ABC stations were sold.
With the release of Tangled in 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 fairy tales lined up." He explained that they were looking to get away from the princess era due to the changes in audience composition and preference. However, in the official Facebook page for Disney, Ed Catmull stated that this was just a rumor.
In April 2011, Disney broke ground on Shanghai Disney Resort. Costing $4.4 billion, the resort is slated to open in 2015. Later, in August 2011, Bob Iger stated on a conference call that after the success of the Pixar and Marvel purchases, he and the Walt Disney Company are looking to "buy either new characters or businesses that are capable of creating great characters and great stories."
On October 30, 2012, Disney announced plans to acquire Lucasfilm and release Star Wars Episode VII in 2015. On December 4, 2012, the Disney-Lucasfilm merger was approved by the Federal Trade Commission, allowing the acquisition to be finalized without dealing with antitrust problems. 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.
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.
On May 7, 2018, shares of Fox rose 5.1% when a report was released that Comcast was in talks with investment banks and firms in order to obtain bridge-financing for an all-cash bid, reportedly worth $60 billion, that threatened the Disney-Fox deal.
On May 29, it was reported that Disney was looking into making its own all-cash counter-offer for Fox assets in the event that Comcast went through with their offer. The next day, Disney and Fox announced that they have set their shareholder vote meetings for July 10, though both companies have stated that Fox's meeting could be postponed if Comcast came through with their offer.
On June 12, AT&T was given approval by District Judge Richard J. Leon to acquire Time Warner, easing concerns Comcast had regarding whether government regulators would block their bid for Fox. Consequently, the next day, Comcast mounted a bid of $65 billion for the 21st Century Fox assets that were set to be acquired by Disney.
On June 14, Bloomberg News reported that the New York Yankees were seeking to invoke a clause in Fox's purchase of stakes in YES Network, allowing them to buy back Fox's stake in the event of a change in ownership (and thus prevent it from being included in the sale).
On June 18, it was reported that Disney will add to its already existing $52 billion claim to contest Comcast's proposed counter-offer for the Fox assets.
On June 20, Disney and Fox announced that they had amended their previous merger agreement, upping Disney’s offer to $71.3 billion (a 10% premium over Comcast's $65 billion offer), while also offering shareholders the option of receiving cash instead of stock.
On June 21, Murdoch said in response to Disney's higher offer: "We are extremely proud of the businesses we have built at 21st Century Fox, and firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace at a dynamic time for our industry." That still does not prevent other companies from making a bid, as the deal was needed to be voted on by shareholders. Iger explained the reasoning behind the bid: "Direct-to-consumer distribution has actually become an even more compelling proposition in the six months since we announced the deal. There has just been not only a tremendous amount of development in that space, but clearly the consumer is voting—loudly."
On July 11, 21st Century Fox raised its bid to purchase Sky's assets to $32.5 billion, and $18.57 a share. In response, Comcast increased its bid to $34 billion, and $19.5 a share. At the same time, Fox was given clearance by the British government to purchase Sky. The bidding war for Sky led to some analysts speculating that Comcast could give up bidding for 21st Century Fox in favor of a smaller battle.
On July 12, the Department of Justice filed a notice of appeal with the D.C. Circuit to reverse the District Court's approval for AT&T acquisition of Time Warner (now WarnerMedia). Although analysts say that the chances of the DOJ win are small, they say it is the "final nail in the coffin for Comcast's Fox chase. This is a clear gift to Disney." On the next day, CEO of AT&T Randall Stephenson gave an interview with CNBC, about Comcast's bid for Fox: "It probably can't help it. You're in a situation where two entities are bidding for an asset, and this kind of action can obviously influence the outcome of those actions."
On July 13, Disney received the support of the Institutional Shareholder Services and Glass Lewis, the two most prominent proxy adviser firms in the world. Fox shareholders were recommended by the advisers as means to provide for Disney's future. Also on that same day, British regulators have decided that if Disney purchases Fox's assets before Sky's purchase from either Fox or Comcast, it will be forced to launch a bid for the full ownership of Sky, at a minimum of $18.6 a share.
On July 16, CNBC reported that Comcast is unlikely to continue its bidding war to acquire Fox from Disney in favor of Sky.
On July 18, Bloomberg reported that the Sky board also scheduled July 27, 2018 as the day shareholders vote on selling Sky properties.
On July 19, Comcast officially announced that it was dropping its bid on the Fox assets in order to focus on their bid for Sky. The CEO of Comcast, Brian L. Roberts, said "I'd like to congratulate Bob Iger and the team at Disney and commend the Murdoch family and Fox for creating such a desirable and respected company."
On July 25, TCI Fund Management, the second largest shareholder of 21st Century Fox, voted to approve the Fox-Disney deal.
On July 27, Disney and Fox shareholders approved Disney's purchase of Fox's entertainment assets. The acquisition's completions should be in the first half of 2019. On the same day, Bloomberg News reported that out of all 15 nations yet to approve the deal, China could become the biggest threat to the merger since the trade war with USA resulted in the merger between Qualcomm and NXP not being realized.
On August 7, it was reported that 21st Century Fox has until September 22 to come up with a new bid for Sky plc. On August 9, it was reported that Viacom CEO Robert Bakish wants to license its TV ad targeting tech to the entire industry, starting with Fox.
On August 12, the Competition Commission of India approved the Disney-Fox deal.
On August 28, it was reported that the New York Yankees are planning to buy back the YES Network in the sale of Fox to Disney.
In August, Disney and Fox hired a lobbyist firm in Georgeson & Co. to evaluate what Sky shareholders want from their next bid. This is expected to be their last bid submitted before September 21 which is the deadline set by the UK Takeover Panel before entering into the "final auction" over the following week. The new owner of Sky is set to be determined by close of business on September 28.
On September 20, all companies (Disney, Fox, Comcast and Sky) all agreed to a one-day auction process to decide the winner of Sky with the UK Takeover Panel. The auction process began at 5PM BST on September 21 and concluded in the evening of September 22 with the winner being declared by the Panel at 7AM on September 23. Comcast was announced the winner, bidding $40 billion for the available 61% of Sky, which will then make it official by October 11. Shortly after, Disney-Fox decided to sell its shares of Sky to Comcast for £17.28-per-share, valuing Fox's stake at £11.6 billion ($15 billion). Fox received Disney's approval to sell the shares, with Disney added the sale would "significantly reduce the amount of debt Disney will incur in acquiring 21st Century Fox, and enable Disney to maintain its strong balance sheet".
Company divisions and subsidiaries
The Walt Disney Company operates as four primary divisions: The Walt Disney Studios or Studio Entertainment, which includes the company's film, recording label, and theatrical divisions; Parks and Resorts, featuring the company's theme parks, cruise line, and other travel-related assets; Disney Consumer Products, which produces toys, clothing, and other merchandising based upon Disney-owned properties, and Media Networks, which includes the company's television and Internet operations.
Its main entertainment features and holdings include Walt Disney Motion Pictures Group, Disney Music Group, Walt Disney Theatrical, Disney–ABC Television Group, Radio Disney, ESPN Inc., Disney Interactive Media Group, Disney Consumer Products, Pixar Animation Studios, Marvel Entertainment and Lucasfilm. Its resorts and diversified holdings include Walt Disney Parks and Resorts, Disneyland Resort, Walt Disney World, Tokyo Disney Resort, Disneyland Paris, Euro Disney S.C.A., Hong Kong Disneyland Resort, Disney Vacation Club and Disney Cruise Line.
- 1923–1966: Walt Disney
- 1966–1971: Roy O. Disney
- 1968–1972: Donn Tatum
- 1971–1977: Card Walker
- 1980–1984: Ron W. Miller
- 1984–1994: Frank Wells
- 1995–1997: Michael Ovitz
- 2000–2012: Robert Iger
Chief Executive Officers
- 1929–1971: Roy O. Disney
- 1971–1976: Donn Tatum
- 1976–1983: Card Walker
- 1983–1984: Ron W. Miller
- 1984–2005: Michael Eisner
- 2005 – present: Robert Iger
Chairmen of the Board
From 1945 to 1960 Walt and Roy Disney shared the role of Chairman of the Board. Walt dropped the Chairman title in 1960 so he could focus more on the creative aspects of the company. Roy O. Disney kept the Chairman and CEO's role.
- 1945–1960: Walt Disney
- 1945–1971: Roy O. Disney (Co-Chair 1945–1960)
- 1971–1980: Donn Tatum
- 1980–1983: Card Walker
- 1983–1984: Raymond Watson
- 1984–2004: Michael Eisner
- 2004–2006: George J. Mitchell
- 2007-2012: John E. Pepper, Jr.
- 2012 - present: Robert Iger
Vice Chairman of the Board
- 1984–2003: Roy E. Disney
- 1999–2000: Sanford Litvack (Co-Vice Chair)
Chief Operating Officers
- 1984–1994: Frank Wells
- 1997–1999: Sanford Litvack (Acting Chief of Operations)
- 2000–2005: Robert Iger
|Year||Walt Disney Studio Entertainment||Disney Consumer Products||Walt Disney|
Parks and Resorts
|Disney Media Networks||Walt Disney Internet Group/ Disney Interactive Media Group||Total|
|Year||Walt Disney Studio Entertainment||Disney Consumer Products||Walt Disney|
Parks and Resorts
|Disney Media Networks||Walt Disney Internet Group / Disney Interactive Media Group||Total|
Some of Disney's animated family films have drawn fire for being accused of having sexual references hidden in them, among them The Little Mermaid (1989), Aladdin (1992), and The Lion King (1994). Instances of sexual material hidden in some versions of The Rescuers (1977) and Who Framed Roger Rabbit (1988) resulted in recalls and modifications of the films to remove such content.
Some religious welfare groups, such as the Catholic League, have opposed films including Priest (1994) and Dogma (1999). A book called Growing Up Gay, published by Disney-owned Hyperion Press and similar publications, as well as the company's extension of benefits to same-sex domestic partners, spurred boycotts of Disney and its advertisers by the Catholic League, the Assemblies of God USA, the American Family Association, and other conservative groups. The boycotts were discontinued by most of these organizations by 2005. 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.
Many animation studios are currently setting up arms for conducting activities related to Corporate Social Responsibility. Though many studios are still yet to have fully functional wings for these programs, the Walt Disney Company has already set up many programs in order to cement its image as an entity that is socially responsible.
Among the many programs initiated by Disney are the annual Enviroports (i.e. environmental report) that Disney now publishes yearly to keep its shareholders in touch with exactly how it attempts to optimize the company's operational impact on environmental issues such as reduction of waste, fossil-fuel use, and greenhouse gas emissions, as well as improved eco-system protection. This has led to appreciation by many third parties such as the Boston College Center for Corporate Citizenship and Reputation Institute, which ranks Disney 2nd in a Corporate Social Responsibility Index, with a score of 81.33, devised in 2010. The report also establishes that Disney has improved its performance year-on-year and is second on two out of the three categories listed for measurement.
- Walt Disney Animation Studios
- Walt Disney
- Disney Channel
- Disney Junior
- Disney XD
- List of Disney theatrical animated features
- Building a Company: Roy O. Disney and the Creation of an Entertainment Empire, Bob Thomas, 1998
- Building a Dream; The Art of Disney Architecture, Beth Dunlop, 1996, ISBN 0-8109-3142-7
- Cult of the Mouse: Can We Stop Corporate Greed from Killing Innovation in America?, Henry M. Caroselli, 2004, Ten Speed Press
- Disney: The Mouse Betrayed, Peter Schweizer
- The Disney Touch: How a Daring Management Team Revived an Entertainment Empire, by Ron Grover (Richard D. Irwin, Inc., 1991), ISBN 1-55623-385-X
- The Disney Version: The Life, Times, Art and Commerce of Walt Disney, Richard Schickel, 1968, revised 1997
- Disneyana: Walt Disney Collectibles, Cecil Munsey, 1974
- Disneyization of Society: Alan Bryman, 2004
- DisneyWar, James B. Stewart, Simon & Schuster, 2005, ISBN 0-684-80993-1
- Donald Duck Joins Up; the Walt Disney Studio During World War II, Richard Shale, 1982
- How to Read Donald Duck: Imperialist Ideology in the Disney Comic ISBN 0-88477-023-0 (Marxist Critique) Ariel Dorfman, Armand Mattelart, David Kunzle (translator).
- Inside the Dream: The Personal Story of Walt Disney, Katherine Greene & Richard Greene, 2001
- The Keys to the Kingdom: How Michael Eisner Lost His Grip, Kim Masters (Morrow, 2000)
- The Man Behind the Magic; the Story of Walt Disney, Katherine & Richard Greene, 1991, revised 1998, ISBN 0-7868-5350-6
- Married to the Mouse, Richard E. Foglesorg, Yale University Press.
- Mouse Tales: A Behind-the-Ears Look at Disneyland, David Koenig, 1994, revised 2005, ISBN 0-9640605-4-X
- Mouse Tracks: The Story of Walt Disney Records, Tim Hollis and Greg Ehrbar, 2006, ISBN 1-57806-849-5
- Storming the Magic Kingdom: Wall Street, the raiders, and the battle for Disney, John Taylor, 1987 New York Times
- The Story of Walt Disney, Diane Disney Miller & Pete Martin, 1957
- Team Rodent, Carl Hiassen.
- Walt Disney: An American Original, Bob Thomas, 1976, revised 1994, ISBN 0671223321
- Work in Progress by Michael Eisner with Tony Schwartz (Random House, 1998), ISBN 978-0375500718
- ↑ "The Walt Disney Company To Acquire Twenty-First Century Fox, Inc., After Spinoff Of Certain Businesses, For $52.4 Billion In Stock". (December 14, 2017). Retrieved on December 14, 2017.
- ↑ Smith, Gerry (May 8, 2018). "Fox Jumps on Report That Comcast Is Considering Counterbid to Disney".. Retrieved on May 7, 2018.
- ↑ Munson, Ben (May 29, 2018). "Disney rounding up cash to fight off Comcast's rival bid for Fox".. Retrieved on May 29, 2018.
- ↑ Tartaglione, Nancy (May 30, 2018). "Fox And Disney Set Shareholder Meetings For Vote On Merger".. Retrieved on May 30, 2018.
- ↑ Littleton, Cynthia (June 12, 2018). "Decisive AT&T Victory Sets Stage for Comcast to Challenge Disney for 21st Century Fox Assets".. Retrieved on June 21, 2018.
- ↑ Welch, Chris (June 13, 2018). "Comcast makes $65 billion offer to steal 21st Century Fox away from Disney".. Retrieved on June 21, 2018.
- ↑ Soshnick, Scott (June 14, 2018). "Yankees Consider Buying Back YES If Fox Sells Assets".. Retrieved on June 21, 2018.
- ↑ Faber, David (June 18, 2018). "Disney is expected to add cash to its bid for Twenty-First Century Fox assets".. Retrieved on June 21, 2018.
- ↑ Clarke, Stewart (June 19, 2018). "Disney Offers to Take on Sky News for 15 Years; Channel to Get $2 Billion Investment".. Retrieved on June 21, 2018.
- ↑ Turner, Nick (June 20, 2018). "Disney Sweetens Offer for Fox to $71 Billion, Outbidding Comcast".. Retrieved on June 21, 2018.
- ↑ "The Walt Disney Company Signs Amended Acquisition Agreement To Acquire Twenty-First Century Fox, Inc., For $71.3 Billion In Cash And Stock". (June 20, 2018). Retrieved on June 21, 2018.
- ↑ Cheng, Roger (June 20, 2018). "Fox agrees to Disney's new $71.3 billion offer, rejecting Comcast".. Retrieved on June 21, 2018.
- ↑ Hayes, Dade (June 20, 2018). "Disney's Bob Iger On Need For Fox Deal: "The Consumer Is Voting — Loudly"".. Retrieved on June 21, 2018.
- ↑ "Disney wins US antitrust approval to buy Fox assets". (June 27, 2018). Retrieved on June 28, 2018.
- ↑ "Murdoch's Fox increases Sky bid to £24.5bn in takeover battle". (July 11, 2018). Retrieved on July 12, 2018.
- ↑ Littleton, Cynthia (July 11, 2018). "Comcast Raises Bid for Sky as Regulatory Decision Accelerates Sale Process".. Retrieved on July 12, 2018.
- ↑ White, Peter (July 12, 2018). "21st Century Fox Given Clearance To Buy Sky By British Government".. Retrieved on July 12, 2018.
- ↑ Sherman, Alex (July 13, 2018). "The DOJ has a slim chance of blocking the AT&T-Time Warner deal, but even that may be enough for Comcast to throw in the towel on Fox".. Retrieved on July 13, 2018.
- ↑ Shapiro, Ariel (July 13, 2018). "DOJ challenge to AT&T-Time Warner deal could affect Disney and Comcast's bidding war for Fox, says AT&T's Stephenson".. Retrieved on July 13, 2018.
- ↑ Sakoui, Anousha (July 13, 2018). "Disney's $71 Billion Fox Bid Wins Backing From ISS, Glass Lewis".. Retrieved on July 13, 2018.
- ↑ Martin, Ben (July 13, 2018). "British regulator sets 14 pound floor under Sky shares".. Retrieved on July 13, 2018.
- ↑ Moyer, Liz (July 16, 2018). "Comcast unlikely to raise Fox bid; focused on Sky: Sources".. Retrieved on July 16, 2018.
- ↑ Mayes, Joe (July 18, 2018). "Sky Hearing on Same Day as Fox Vote Complicates Comcast Bid".. Retrieved on July 19, 2018.
- ↑ Gartenberg, Chaim (July 19, 2018). "Comcast gives up on buying 21st Century Fox assets and leaves Disney as the winner".. Retrieved on July 19, 2018.
- ↑ Ahmed, Nabila (July 25, 2018). "TCI Votes in Favor of Disney's Offer for Fox's Assets".. Retrieved on July 25, 2018.
- ↑ Williams, Trey (July 27, 2018). "Fox and Disney Shareholders Vote to Approve $71.3 Billion Merger".. Retrieved on July 27, 2018.
- ↑ Ahmed, Nabila (July 27, 2018). "Disney Investors Worry Beijing Could Be Tricky Fox Deal Hurdle".. Retrieved on July 28, 2018.
- ↑ Chu, Henry (August 7, 2018). "Deadline for New Fox Bid for Sky Is Set for September".. Retrieved on August 9, 2018.
- ↑ "Fox has until Sept. 22 to top Comcast's bid for Sky". (August 8, 2018). Retrieved on August 9, 2018.
- ↑ Bakish, Robert (August 9, 2018). "Viacom wants to License its TV Ads Targeting Tech to the Entire Industry and its Starting with Fox".. Retrieved on August 9, 2018.
- ↑ Malvania, Urvi (August 12, 2018). "Fox-Disney deal: CCI approves takeover of Murdoch's company in India".. Retrieved on August 12, 2018. Template:Subscription required
- ↑ Bloom, Barry (August 28, 2018). "Yankees Intend To Buy Back YES Network In Sale of FOX To Disney".. Retrieved on August 28, 2018.
- ↑ Harrington, Ben (September 8, 2018). "Murdoch's last-ditch assault in Sky battle: Mogul hires lobbyists to help seal TV megadeal".. Retrieved on September 8, 2018.
- ↑ "EU regulators to rule on Disney's $71 billion bid for Fox assets by October 19". (September 17, 2018). Retrieved on September 17, 2018.
- ↑ Baccardax, Martin (September 20, 2018). "U.K. Takeover Panel Pits Comcast, Fox, Disney in Final Bidding Auction for Sky".. Retrieved on September 20, 2018.
- ↑ Gold, Hadas (September 22, 2018). "Comcast outbids 21st Century Fox for Sky".. Retrieved on September 22, 2018.
- ↑ Clarke, Stewart (September 26, 2018). "Fox Decides to Ditch Its Stake in Sky for $15 Billion".. Retrieved on September 26, 2018.