The Walt Disney Story: Who Bought Disney?
Early Years and Acquisition
Walt Disney, the founder of The Walt Disney Company, was a visionary entrepreneur and animator who transformed his dream into a global media empire. Born on December 5, 1901, in Chicago, Illinois, Disney’s passion for art and animation led him to start his own business, Laugh-O-Gram Studio, in 1921. Disney’s early success came with the creation of Oswald the Lucky Rabbit, but he lost the rights to the character due to a contract dispute with Universal Studios. After the split, Disney turned his attention to feature-length films, producing Snow White and the Seven Dwarfs, the first full-length animated movie, in 1937. This groundbreaking film marked the beginning of the Disney Golden Age.
Post-War Expansion and Bankruptcy
During World War II, Disney shifted his focus to producing war movies and training films. After the war, he continued to grow his business, establishing a studio in Los Angeles and introducing new characters, such as Mickey Mouse and Donald Duck. However, Disney’s business suffered during the Great Depression, and the studio was forced to file for bankruptcy in 1934. Fortunately, Disney’s wife, Lillian, helped him find a new partner to invest in the company.
Acquisition by Roy E. Disney
In 1955, Roy E. Disney, Walt’s younger brother, became the president of the company and played a crucial role in its growth. Roy introduced a new business model, which would become the foundation of the Disney Corporation. He also secured a loan of $28,000 from his father, Ormond Disney, to help the company avoid bankruptcy.
Stepping into the CEO Role
Walter Elias Disney (Walt) passed away on December 15, 1966, but his brother Roy E. Disney remained committed to the company. In 1966, Roy became the CEO of the Walt Disney Company, and he oversaw the release of some of Disney’s most iconic films, including Mary Poppins (1964) and The Jungle Book (1967).
The Disney Family Trust and Inheritance
In 1966, Roy E. Disney’s son, Chipper Jones, purchased the Disney studio, but only for $5 million, while Walt Disney had originally mortgaged his entire fortune for the same amount. The Disney family trust, established by Walt Disney’s wife Lillian, ensured that the Disney fortune would be passed down to their children and grandchildren in the future.
The Roy C. Disney Merger
In 1984, Roy E. Disney merged his company with The National Film and Television Corporation, founded by his cousin, Roy O. Disney. This merger, known as the "Roy C. Disney Merger," expanded the Disney Corporation’s global reach and revenue. Under Roy C. Disney’s leadership, the company continued to grow, producing hits like The Little Mermaid (1989) and Beauty and the Beast (1991).
Disaster and Bankruptcy (1987-2005)
On September 18, 1987, the Disney Company filed for bankruptcy and was forced to sell off some of its assets. However, this setback did not deter the Disney family from working towards reviving the company. After some financial struggles, Disney was able to recover and relaunch its business.
Acquisition by The Murdoch Family
In 2005, The Walt Disney Company was acquired by The Murdoch Family, who are known for their conservative media empire. News Corp’s CEO, Rupert Murdoch, and his family, including Lachlan Murdoch, Susan Murdoch, and Cary Powell, took over the Disney studio. This acquisition marked a new chapter in Disney’s history, with the company focused on the expansion of its theme parks, media networks, and digital platforms.
Today’s Disney
Today, The Walt Disney Company is a global media and entertainment giant, with a diverse portfolio of:
• Film studios: Walt Disney Pictures, Marvel Studios, Lucasfilm, and Pixar Animation Studios
• Television networks: ABC, Disney Channel, ESPN, and National Geographic
• Theme parks: Disneyland Resort, Walt Disney World, Tokyo Disney Resort, and Disneyland Paris
• Media networks: ESPN, ABC, and Disney Channel
• Digital platforms: Disney+ (a streaming service)
The Disney brand is known for its:
• Immersive storytelling
• Vibrant characters and worlds
• Memorable music
• High-quality animation
• Diverse and inclusive content
Conclusion
The Walt Disney Company’s legacy is built on a foundation of innovation, creativity, and perseverance. From its humble beginnings to its current status as a global media giant, Disney has remained true to its core values of entertainment, family, and imagination. As the company continues to grow and evolve, it is clear that Disney’s commitment to its audience and its mission to create unforgettable experiences will remain unchanged.