The Walt Disney Company (NYSE: DIS), commonly referred to as Disney, is an American diversified multinational mass media corporation headquartered in Walt Disney Studios, Burbank, California, United States. It is the largest media conglomerate in the world in terms of revenue.[3]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, music, publishing, andonline 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 Studios, and today one of the largest and best-known studios inHollywood. Disney also owns and operates the ABC broadcast television network; cable television networks such as Disney Channel, ESPN,A+E Networks, and ABC Family; publishing, merchandising, and theatre divisions; and owns and licenses 14 theme parks around the world. It also has a successful music division. 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. 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 distributor Margaret J. Winkler of M.J. Winkler Productions contacted Disney with plans to distribute a whole series of Alice Comedies purchased for $1,500 per reel with Disney as a production partner. Walt and his brother Roy Disney formedDisney Brothers Cartoon Studio that 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 is changed to the Walt Disney Studio.[ChWDC 2]
After the demise of the Alice comedies, 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 had copyright Oswald, so Disney only made a few hundred dollars.[4] Disney only completed 26 Oswald shorts before losing the contract in February 1928, when Winkler's husband Charles Mintz took over their distribution company. After failing to take over the Disney Studio, Mintz hired away four of Disney's primary animators except Ub Iwerks to start his own animation studio, Snappy Comedies.[ChWDC 3]
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, premiered in December 1937 and became highest-grossing film of that time by 1939.[6] Snow White was released through RKO 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.[7]
Using the profits from Snow White, Disney financed the construction of a new 51-acre (210,000 m2) 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.[ChWDC 6] The following year on April 2, Walt Disney Productions had its initial public offering.[ChWDC 7]
The studio continued releasing animated shorts and features, such as Pinocchio (1940), Fantasia (1940), Dumbo (1941), and Bambi (1942).[4] 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.[8] Films such as the feature Victory Through Air Power and 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-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.[9]
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. 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 near Anaheim, 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.
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