A Study on Revival of Brand Disney in Motion

Pictures

Contemporary Issue Project

Submitted To:
Faculty of Management Studies,
The Maharaja Sayajirao University of Baroda
Submitted By:
Hardik Pathak(47)
MBA(Regular Program), Sem 4
Batch: 2014-16

M.S.Patel Institute of Management Studies

Faculty of Management studies

The Maharaja Sayajirao University of Baroda,
Vadodara
Declaration
I ensure about the authentication of the material and give guarantee that there will
not be any misuse of the data. Data used will only be taken for the academic
purpose and will not be used for commercial or any other purpose. Views
mentioned in the report are of my own, which are based on my observation and it
may or may not be accepted by any individual or/and any entity.

Hardik Pathak
Faculty of Management Studies
MSU Baroda

Date:
Place:
SERIAL NO. TOPIC PAGE
NO.
1. Acknowledgement 1
2. Abstract 2
3. Objective 3
4. Research Methodology 3
5. Introduction 4
6. Different Era's of Disney 7
7. The Bob Iger Era 15
8. Working Style of Bob Iger 18
9. Leaders of Bob Iger 26
10. Learning & Conclusion 30
11. Bibliography & References 31
Acknowledgement
It gives me great pleasure and satisfaction in presenting this study as a part of the
fulfilment for the Degree of MBA. I would like to take this opportunity to express
my sincere gratitude to several people, without whose help and encouragement, it
would have been impossible for me to carry out desired work.
I would like to extend my deferential thanks to respected Prof.(Dr.) Jayrajsinh
Jadeja (Dean, Faculty of Management Studies, The M.S. University of
Baroda) for his encouragement and blessings on my way of progress.
I would also like to express my heartfelt thanks to my institute guide, Dr.
Bhargav Pandya, (Assistant Professor, Faculty of Management Studies, The
M.S. University of Baroda)for extending his help throughout the project.
I am also indebted to many individuals whose research works, articles and data
helped me in accomplishing this study.

Hardik Pathak

1
Abstract
"The Happiest Place on Earth." or "Where Dreams Come True."
These are the motto's of Disney. From the inception of Walt Disney company its
main goal is to spread awareness. The journey which started from a little mouse
making children happy , the empire of happiness has grown to a whole new level
as Disney has established itself into multiple channels of happiness covering
theme parks, motion pictures, comics, cable network, animation & many more.

Every company has its own ups & downs , so does Disney. From being one of the
most profitable company in the world to be on the verge of being taken over to
become a brand which acquires another brand and nurtures them to new heights,
Disney has one great journey to tell. This study tries to do the same and tries to
figure out the decisions which made Disney great again. The people behind it and
the challenges they faced to revive Disney as a giant of the entertainment
industry.
The substantial change happened in the era of Bob Iger , so the study will mainly
focus on the era of Disney under Bob Iger which is from 2005. The decisions and
changes made by him. The acquisition of PIXAR , Lucas Films Ltd & Marvel
which made Disney the entertainment leader in the industry beating various
giants.

2
Objectives

 To Study the business of Walt Disney.

 To study the Motion picture business of Walt Disney.
 To Study the approach of Bob Iger for the growth of Walt Disney.
 To Learn the Management decisions and approach used for the growth of
Disney.

Research Methodology

Sources of Data : Secondary

Here, various articles and reports have been studied and direct quotes has also
been used in the paper for the better understanding and achieving the objectives of
the paper. Further learning has been deduced from the same.

3
Introduction
Walt Disney Company
The Walt Disney Company, commonly known as Disney, is an American
diversified multinational mass media and entertainment conglomerate
headquartered at the Walt Disney Studios in Burbank, California. It is the world's
second largest media conglomerate in terms of revenue, after Comcast. Disney
was founded on October 16, 1923, by Walt Disney and Roy O. Disney as the
Disney 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 names The Walt Disney
Studio, then Walt Disney Productions. Taking on its current name in 1986, it
expanded its existing operations and also started divisions focused upon theatre,
radio, music, publishing, and online 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 the largest and best-known studios in
American cinema. 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, music, 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 a
primary symbol of The Walt Disney Company.
Company Division & Subsidiaries
The Walt Disney Company operates through four primary business units, which it
calls "business segments": Studio Entertainment, with the primary business unit
The 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; and Disney 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. Three
segments are led by chairmen, but Disney Consumer Products and Interactive
4
Media are currently both led by a president. Marvel Entertainment is also a direct
CEO reporting business, while its financial results are primarily divided between
the Studio Entertainment and Consumer Products segments. While Maker Studios
is split between Studio Entertainment and Media Networks segments.
The company's main entertainment holdings include Walt 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, Lucas film and Maker Studios.
The company's resorts and diversified related holdings include Walt 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 Club and Disney Cruise Line.

Disney Media Networks is 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 with Hearst Corporation, A+E Networks and ESPN 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. Thus, Disney has a
total of eight business unit leaders who report to the CEO and COO.
• Disney–ABC Television Group
• ABC Television Network
• ABC Family Worldwide
• ABC Family
• ABC Owned Television Stations Group
• Live Well Network
• A+E Networks (50%)
• Disney Channels Worldwide

5
• Radio Disney
• Disney Television Animation
• Hulu (32%)
• ESPN Inc. (80%)

6
Different Era's of Disney
Background
After the deaths of Walt and Roy O. Disney (in 1966 and 1971, respectively), The
Walt Disney Studios were left in the hands of Donn Tatum, Card Walker, and
Ron Miller. The films released over an eighteen-year period following this change
of management did not perform as well commercially as their prior counterparts.
An especially hard blow was dealt during production of The Fox and the Hound
when long-time animator Don Bluth left Disney to start his own rival studio, Don
Bluth Productions, taking eleven Disney animators with him. With 17% of the
animators now gone, production on The Fox and the Hound was delayed. Don
Bluth Productions produced The Secret of NIMH in 1982 (whose story idea
Disney had originally rejected for being too dark), and the company eventually
became Disney's main competitor in the animation industry during the 1980s and
early 1990s.
Disney made major organizational changes in the 1980s after narrowly escaping a
hostile takeover attempt from Saul Steinberg. Michael Eisner, formerly of
Paramount Pictures, became CEO in 1984, and he was joined by his Paramount
associate Jeffrey Katzenberg, while Frank Wells, formerly of Warner Bros.,
became President. In 1985, to make more room for live-action filmmaking, the
animation department was moved from the main Disney lot in Burbank to a
"temporary" location in various hangars, warehouses, and trailers about two miles
(3.2 km) east in nearby Glendale, where it would remain for the next ten years.
Thus, most of the Disney Renaissance (in terms of where the films were actually
made) actually took place in a rather ordinary industrial park in Glendale, the
Grand Central Business Centre.
After the box office failure of the 1985 PG-rated feature The Black Cauldron, the
future of the animation department was in jeopardy. Going against a thirty-year
studio policy, the company founded a television animation division (now Disney
Television Animation) which was much cheaper than theatrical animation. In the
interest of saving what he believed to be the studio's core business, Roy E. Disney
persuaded Eisner to let him supervise the animation department in the hopes of
improving its fortunes.
In 1986, Disney released The Great Mouse Detective, while Don Bluth released
An American Tail. An American Tail outperformed Mouse Detective, and
became the higher-grossing film on its first release. Despite An American Tail's
7
greater level of success, The Great Mouse Detective was still successful enough
(both critically and commercially) to instill executive confidence in Disney's
animation department.
In 1988, Disney collaborated with Steven Spielberg, a long-time animation fan
and producer of An American Tail and The Land Before Time, to produce Who
Framed Roger Rabbit, a live action/animation hybrid which featured animated
characters from the 1930s and 1940s from many different studios together. The
film was a critical and commercial success, winning three Academy Awards for
technical achievements and renewing interest in theatrical animated cartoons.
Other than the film itself, Spielberg also helped Disney produce three Roger
Rabbit shorts.

1988–99: Renaissance Era

Disney had been developing The Little Mermaid since the 1930s, and by 1988,
after the success of Roger Rabbit, the studio had decided to make it into an
animated musical, much like many of its previous animated movies, but with
more Broadway feel to it. Lyricist Howard Ashman and composer Alan Menken,
who worked on Broadway years earlier on productions such as Little Shop of
Horrors, became involved in the production, writing and composing the songs and
score for the film. Released on November 14, 1989, The Little Mermaid was a
critical and commercial success and garnered a higher weekend gross than Bluth's
All Dogs Go to Heaven, which opened the same weekend, eventually breaking
The Land Before Time's record of highest-grossing animated film. It won two
Academy Awards for Best Original Song ("Under the Sea") and for Best Original
Score, earning an additional nomination for Best Original Song for "Kiss the
Girl."
The Rescuers Down Under was released one year later and was the first canon
sequel produced by Walt Disney Animation Studios. The film garnered mainly
positive reception, but was not as financially successful as The Little Mermaid.
Beauty and the Beast, often considered to be one of the greatest of all Disney
animated features, followed in 1991. It was the first animated film nominated for
an Academy Award for Best Picture, losing to The Silence of the Lambs. Beauty
and the Beast did win the Golden Globe Award for Best Picture (Musical or
Comedy) and two Academy Awards, for Best Original Score and Best Original
8
Song. Beauty and the Beast also received an Academy Award nomination for Best
Sound, as well as two additional nominations for Best Original Song.
Aladdin and The Lion King followed in 1992 and 1994, respectively, with both
films having the highest worldwide grosses of their respective release years.
Aladdin was the highest-grossing animated film up until that time, but was later
surpassed by The Lion King, which became the highest-grossing animated film
ever at the time and remains the highest-grossing traditionally animated film in
history (fourth overall in history after additional gross from a successful 2011 3D
re-release, behind Toy Story 3, Frozen and Minions). Both films won Academy
Awards for Best Original Song and Best Original Score. Aladdin also earned an
additional Academy Award nomination for Best Original Song and nominations
for Best Sound and Best Sound Effects Editing, for a total of five nominations.
The Lion King earned two additional Academy Award nominations for Best
Original Song, giving it a total of four Academy Award nominations. Howard
Ashman wrote several songs for Aladdin before his death, but only three were
ultimately used in the film. Tim Rice joined the project and completed the score
and songs with Alan Menken. Tim Rice went on to collaborate with Elton John
and Hans Zimmer in The Lion King. Between these in-house productions, Disney
diversified in animation methods and produced The Nightmare Before Christmas
(1993) with former Disney animator Tim Burton.
Thanks to the success of the early films of the Renaissance era, Disney
management was able to allocate sufficient money to bring Feature Animation
back from its ten-year exile to Glendale. A 240,000-square-foot building designed
by Robert A. M. Stern opened across the street from the main Disney lot in
Burbank on December 16, 1994.
The next Disney animated film, 1995's Pocahontas, opened to mixed reviews,
though it still earned $346 million worldwide and garnered Academy Awards for
Best Score and Best Original Song for "Colors of the Wind." The following year,
The Hunchback of Notre Dame, Disney's first animated film produced at a budget
over $100 million, opened to better reviews than Pocahontas, but a lower total box
office of $325 million. Both films feature composer (now serving only as lyricist
to Menken's music) Stephen Schwartz. When Hercules, released in 1997, earned
$252 million—$73 million less than Hunchback—at the box office, news media
began to openly suggest that Disney animation was on a downward trend of their
animated film releases. Although it gained more positive criticism than

9
Pocahontas, it was still vulnerable to competition from companies such as
DreamWorks and Pixar. All three films featured songs by Alan Menken.
Disney's next film, Mulan, with a score by Jerry Goldsmith and songs by Matthew
Wilder and David Zippel, came out in 1998 and earned $304 million at the
worldwide box office, raising the commercial and critical standing of Disney's
output. 1999's Tarzan, with songs by Phil Collins, won an Academy Award for
Best Original Song for "You'll Be in My Heart," became Disney's most
commercially successful film since The Lion King, earning $448 million at the
box office and widespread positive reviews. Tarzan was also Disney's most
expensive animated feature to that date at $130 million, much of which went to
developing new processes such as the computer-assisted background painting
technique known as "Deep Canvas". It was also the first film since the start of the
Renaissance era that was written, developed and produced at the studio's new
home in Burbank; all the other films had either been made entirely in Glendale or
had started development in Glendale and moved with the studio to Burbank.
1987–97: Success in Television Animation
While achieving success in animation motion pictures, Disney created huge
strides in television as well during this time period. After 30 years of resisting
offers to produce television animation, Disney finally relented once Michael
Eisner, who had a background in TV, took over. The first TV cartoons to carry the
Disney name, CBS' The Wuzzles and NBC's Disney's Adventures of the Gummi
Bears, both premiered in the fall of 1985. Breaking from standard practice in the
medium, the productions enjoyed substantially larger production budgets than
average, allowing for higher-quality writing and animation, in anticipation of
recouping profitably in rerun syndication. While The Wuzzles only lasted a
season, The Gummi Bears was a sustained success with a six-season run.
In 1987, the TV animation division adapted Carl Barks' Scrooge McDuck comic
books for the small screen with the syndicated hit Duck Tales. Its success
spawned a 1990 theatrical film entitled Duck Tales the Movie: Treasure of the
Lost Lamp and an increased investment in syndicated cartoons. The result of this
investment was The Disney Afternoon in 1990, a two-hour syndicated television
programming block of such animated shows as Chip 'n Dale Rescue Rangers
(1989–91), Tale Spin (1990–91), Darkwing Duck (1991–93, also airing on ABC),
Goof Troop (1992–94, also airing on ABC), Bonkers (1993–94), and Gargoyles
(1994–97). TV animation also brought some animated feature film characters to
Saturday morning, including The Little Mermaid and Aladdin both on CBS.
10
2000–08: Post-Renaissance era, Pixar acquisition, foresight of
Revival era
The release of Tarzan is retrospectively seen as the end of the Renaissance era.
Though Disney released a total of nine animated features during the post-
Renaissance era, many of them were not as well-received critically or
commercially, and created lesser successes such as Fantasia 2000, The Emperor's
New Groove, and Atlantis: The Lost Empire and the studio also suffered
significant box office losses such as Treasure Planet and Home on the Range.
Dinosaur, Lilo & Stitch, and Brother Bear were the only major box office
successes during this time, Lilo & Stitch being the most prestigious of the three
films (spawning multiple sequels, as well as a TV series on Disney Channel). In
addition, Disney found itself facing even more ferocious competition in the form
of DreamWorks Animation and its successful Shrek series.
In 1995, Disney partnered with Pixar to create Toy Story, the first fully computer-
animated film. In the early-mid 2000s, many of Pixar's films, such as Finding
Nemo, The Incredibles, and Monsters, Inc., garnered box office results and
critical acclaim similar to those of the Disney Renaissance films of the early
1990s, while Disney's own animated films in the same period were considerably
less successful, with analysts suggesting that Disney was relying heavily on Pixar
for creative content that could be used for consumer products and television. Pixar
was responsible for creation and production, while Disney handled marketing and
distribution, with profits and production costs split 50-50, not including the
distribution fee collected by Disney. However, in this partnership agreement,
Disney exclusively owned all story and sequel rights, which soon became the
most onerous issue for Pixar and set the stage for a contentious relationship. The
contract between Disney and Pixar expired in 2004, and that year negotiations on
a new agreement stalled. Pixar insisted on control over films already in production
under their old agreement including The Incredibles and Cars, Disney refused to
grant such control, and Pixar declared that it was actively seeking partners other
than Disney.
In response to the success of Pixar, then-Disney CEO Michael Eisner decided that
public tastes had changed, and that it was time to get out of hand-drawn animation
altogether after Home on the Range in 2004. In 2005, Chicken Little, the studio's
first full CGI animated feature, received mixed reviews from critics though it
performed well at the box office, whereas their second CGI feature in 2007, Meet
the Robinsons received favourable reviews, but had a modest box office
11
performance. Chicken Little's box office success suggested that Disney did not
need to depend entirely upon Pixar for quality CGI films, and gave Disney some
leverage during negotiations to continue their partnership.
In 2006, Disney purchased Pixar for $7.4 billion, and Pixar executives Edwin
Catmull and John Lasseter became, respectively, president and chief creative
officer of Disney Animation (in addition to also continuing to manage Pixar). The
subsequent reorganization also affected many projects currently being developed
at Walt Disney Animation Studios, most notably American Dog which was
written by Chris Sanders. As Lasseter took creative control at Walt Disney
Animation Studios, he also reviewed American Dog and made a series of
suggestions and creative changes which ultimately lead to the movie's story and
artistic direction being reimagined, and the name being changed to "Bolt". In the
process, Chris Sanders (who purportedly refused many of the creative changes)
was replaced by Chris Williams and Byron Howard as directors for the movie.
Lasseter was quoted saying "Chris Sanders is extremely talented, but he couldn't
take it to the place it had to be." According to Lasseter, he and Edwin Catmull
also changed the way project screenings were managed by setting a mandate that
everyone present speak openly and issued a proclamation that every employee's
opinion was welcome, no matter their experience or position.
In 2008, Disney's first CGI feature made after the Pixar acquisition, Bolt, was
released to critical acclaim and was a box office success. With an 88 percent
critics' approval rating on review aggregator Rotten Tomatoes, Bolt was the
highest rated Walt Disney Animation feature in almost a decade (since Tarzan in
1999) in terms of critical reception. Many critics also attributed the movie’s
quality to the new creative direction. One such journalist, Kenneth Turan from
Los Angeles Times, wrote “At the end of the day, Bolt is a sweet Disney family
film, but Lasseter's oversight has made it smarter than it otherwise would have
been.”
Some journalists have attributed Bolt and Disney's new direction to the first
glimmer of a new, oncoming Disney renaissance. In an article published in the
magazine Wired, which included interviews with Chris Williams, John Lasseter
and Edwin Catmull, the writer Caitlin Roper summarized Pixar influence: “You
could see it in the animation of 2008's Bolt, the first film Lasseter and Catmull
touched: The characters were more visually appealing, more believable, funnier
than the characters in Disney's previous film, Meet the Robinsons. And crucially,

12
the acting was more nuanced: The characters didn't feel like caricatures.” Bolt was
also nominated for the Academy Award for Best Animated Feature.
2009–present: Disney Revival Era
When Lasseter took creative control of the animation division with the purchase
of Pixar, Disney announced they would return to traditional animation with the
2009 release of The Princess and the Frog, loosely based on The Frog Princess,
which was largely well received by critics and audiences alike and a financial
success (grossing over $267 million). It was nominated for three Academy
Awards, including Best Animated Feature. Today, The Princess and the Frog is
seen as the modern turning point for the studio, and the beginning of the new
revival era of Disney animated films.
In 2010, Disney released its 50th animated feature, Tangled, which continued the
new direction for the studio and the trend of positive critical reception. Following
the tradition of the 1990s animated films, Tangled was a musical fairy tale loosely
based on the story of "Rapunzel." The film received nominations for several
awards and was highly successful critically and commercially, earning more than
$500 million worldwide and reigniting interest in Walt Disney Animation Studios.
Winnie the Pooh followed in 2011 and was critically acclaimed, but received
modest returns at the box office. In 2012, Disney saw another critical release with
Wreck-It Ralph, which was released to similar critical and commercial success as
Tangled. It was nominated for Best Animated Feature at the Oscars and the
Golden Globes.
In 2013, the studio released Frozen, a musical film loosely based on the fairy tale
The Snow Queen, which was released to widespread acclaim and broke box office
records during its first weekend of release. It went on to become the first film
from Walt Disney Animation Studios to gross $1 billion worldwide and also the
highest-grossing animated film of all time. Frozen also won the Academy Award
for Best Animated Feature, as well as the Academy Award for Best Original Song
for "Let it Go."
In 2014, the studio released Big Hero 6, a film inspired by the Marvel Comics
superhero team of the same name. The film received critical acclaim upon its
release and was a box office success, grossing over $657 million and becoming
2014's highest-grossing animated film. It also won the Academy Award for Best
Animated Feature.

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In 2016, the studio released Zootopia to considerable international critical and
commercial success not only for its artistic excellence, but also for being a
sophisticated beast fable about prejudice and stereotypes that proved
exceptionally timely in the contemporary American political environment. It also
scored the biggest worldwide opening for an animated film.

14
The Bob 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, Bob 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 Disney Toon Studios Australia in October 2006, after 17 years of
existence.
In 2006, Disney acquired Oswald the Lucky Rabbit, Disney’s pre-Mickey silent
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 Walt Disney Animation Studios, its division
Disney Toon Studios, and Pixar Animation Studios, as well assuming the role of
Principal Creative Advisor at Walt Disney Imagineering.
In April 2007, the Muppets Holding Company, LLC was renamed The Muppets
Studio and 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 the Walt
Disney Studios.
Director Emeritus Roy E. Disney died of stomach cancer on December 16, 2009.
At the time of his death, he owned roughly 1 percent of all of Disney which
amounted to 16 million shares. He was the last member of the Disney family to be
actively involved in the company.

15
On August 31, 2009, Disney announced a deal to acquire Marvel Entertainment,
Inc. for $4.24 billion. The deal was finalized on December 31, 2009 in which
Disney acquired full ownership on the company. 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.
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 instead began selling the Miramax brand and its 700-title film
library to Filmyard Holdings. On March 12, Image Movers 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 cancelled Jerry Bruckheimer's
film project Killing Rommel. In January 2011, 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 fairytales 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 Facebook page, 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." Later, in
early February 2012, Disney completed its acquisition of UTV Software
Communications, expanding their market further into India and Asia.
On October 30, 2012, Disney announced plans to acquire Lucas film, along with
plans to produce a seventh instalment in its Star Wars franchise for 2015. On
December 4, 2012, the Disney-Lucas film 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 Lucas film
became a wholly owned subsidiary of Disney (which coincidentally reunited
16
Lucas film under the same corporate umbrella with its former spin-off and new
sibling, Pixar).
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 March 24, 2014, Disney bought Maker Studios, a YouTube company
generating billions of views each year, for over $500 million in order to advertise
to viewers in the crucial teenage/young adult demographics. On May 9, 2014,
Disney announced they have reached an agreement with Japan's TV Asahi
Corporation to air an English dub of the Doraemon anime series on Disney XD.
In July 2014, The Walt Disney Company announced 11 start-ups that would begin
in the company’s accelerator program.
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.
On February 5, 2015, it was announced that Tom Staggs had been promoted to
COO.
On April 4, 2016, Disney unexpectedly announced that Staggs and the company
had agreed to mutually part ways, effective May 2016, ending his 26-year career
with the company.

17
Working Style of Bob Iger

On his second day on the job as chief executive, Robert Iger steeled himself for a
crucial presentation to the Walt Disney Co. board of directors. Disney was still
smarting from a hostile takeover attempt, a shareholder revolt and executive suite
intrigue spawned in the sunset of the Michael Eisner regime. But there was a more
urgent problem: The once-proud animation unit was in a rut.
"If I didn't turn Disney Animation around quickly … there was a drumbeat that
was going to get louder and louder in terms of whether I was worthy of the job
and how long I would last and all those things," Iger recalled confiding to his
wife, journalist Willow Bay. "So I knew that the pressure was on."
At the Oct. 2, 2005, board meeting, Iger floated an idea that would become a
hallmark of his tenure. He made a risky, even audacious, proposal: What if the
company bought Pixar Animation Studios?
The computer animation upstart owned by Apple's Steve Jobs was at odds with
Disney over the terms of extending the two companies' partnership. Iger worried
about the directors' reaction to pursuing a high-stakes acquisition so soon after
taking over.
"To the credit of the board, they did not throw me out of the room," he said.
Three months later, Disney said it would buy Pixar for $7.4 billion. It was the first
of three major purchases engineered by Iger, laying the foundation for the
subsequent acquisitions of Marvel Entertainment in 2009 and Lucasfilm in 2012.
Fast forward to 2015, which marks the first time that each of the acquired
companies is releasing a film in the same year, underscoring the central role they
now play in the Disney empire.
But the acquisitions didn't always look like sure things.
"These deals were questioned by analysts on Wall Street, including me," said
Tuna Amobi, an analyst for S&P Capital IQ. "But with the investors I speak to,
the perception is that the deals could be the best deals in the media space of all
time, pound for pound."
The acquisitions are a big reason Disney's stock price has more than quadrupled
during Iger's tenure. Beyond that, they kept Disney from a fate that has befallen

18
many a corporate giant that tried to live off its past success. Sears Roebuck & Co.,
U.S. Steel, Eastman Kodak, Pan Am — the annals of American business are filled
with companies that either failed or fell from their peaks because they didn't adapt
to competition and changing technology.
In the rare case of a company getting back on top, it is usually rejuvenated by an
outsider — like Louis Gerstner Jr., who revived a battered IBM in the 1990s —
rather than an insider like Iger, who had been at Disney for nearly a decade before
becoming chief executive.
Like many successful corporate leaders, Iger, 64, decided early on to try to control
events rather than react to them. To be "fearless," as he put it in a recent
interview.
"I just was built with an innate ability to not let fear guide me in how I run my
life," he said. "You can look at all the numbers in the world, but at some point
somebody … needs to dig down deep, search his soul, analyze or get in touch
with his own or her own instinct, and decide."
Former colleagues say Iger possesses an expansive vision for Disney and is daring
enough to act on it. He solicits opinions, notes former Disneyland International
Chairman Jim Cora, but ultimately goes "where his gut tells him to go."
Iger has not been infallible. Disney's live-action studio business has had its share
of misses, including the disastrous "Lone Ranger" in 2013 and its current
disappointment, "Tomorrowland."
It also remains to be seen how Iger's $500-million gamble last year to buy Maker
Studios, which produces low-cost videos for YouTube, will pay off.
Still, if Iger were to step aside tomorrow, he would have left Disney in far better
shape than when he became chief executive. Iger is expected to retire in 2018,
when his contract expires, and this year Thomas Staggs was named Disney's chief
operating officer, making him the top internal candidate to become the next CEO.
Whoever it is, Disney's next chief executive can be expected to face an entirely
new set of challenges. But it's also likely that its next leader will be studying the
Iger playbook.
Aiming for Pixar

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Emerging from the Oct. 2 board meeting, Iger began mapping out a possible
purchase of Pixar. The next day, he directed a small group of trusted advisors,
Staggs among them, to do more homework. And he told them he planned to call
Jobs.
The team wasn't sold on the idea, but Iger made the call anyway, reaching Jobs
that afternoon as he drove home from Disney headquarters in Burbank.
"I said, 'Steve, I've got a crazy idea,'" Iger recalled.
Iger told Jobs that he wanted to visit him to make a proposal. But Jobs insisted on
knowing what was on Iger's mind right away.
"I hesitated. I was kind of nervous, because the last thing I wanted was for him to
basically hang up on me," Iger said. At first, he struggled with how to articulate
his pitch.
"I figured I might as well just cut to the chase and I said, 'You know — Disney
acquiring Pixar?' And there was complete silence," Iger said. "My heart was
racing. And he said, 'You know what? It's not the craziest idea in the world.'"
Iger said the importance of Pixar to Disney's future had become clear to him
during opening ceremonies for Hong Kong Disneyland in September 2005, just a
month before he became chief executive. He noticed the many characters from
Pixar films featured in the kickoff parade. But there was nothing from Disney's
recent animated movies, whose latest characters weren't popular.
"It was a light bulb at a very high wattage," Iger recalled.
The phone conversation with Jobs eventually led to Disney's purchase of Pixar at
a 3.8% premium to its stock price. The deal, which made the mercurial Jobs
Disney's biggest shareholder, was widely questioned by analysts who believed the
price was too dear.
But the acquisition arguably saved Disney Animation from a long decline that had
been punctuated by flops such as 2002's "Treasure Planet." The animation unit's
box-office prospects were quickly lifted and Disney also netted Pixar's leaders,
John Lasseter and Ed Catmull.
In an effort to convince the animation gurus that they could thrive at Disney, Iger
shared with them his own experience of working for a company that was
acquired.
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In 1996, Disney bought Capital Cities and its ABC TV network for $19 billion.
Iger was president of the company, having risen through the executive ranks for
two decades. Such acquisitions often lead to executive departures. But then-
Disney Chairman Eisner retained Iger, who was promoted to president and chief
operating officer of Disney in 2000.
"I was a living, breathing example of how someone could not only survive an
acquisition but thrive," he said.
And in the same way that he was given an opportunity at Disney, Iger gave
Lasseter and Catmull a big one too, putting them in charge of Disney Animation.
The division has since released hits including "Frozen," the top-grossing animated
film of all time.
Buying Pixar, Iger said, "was the single most important thing that has happened to
me in the 10 years I've been in this job."
A film giant
By most accounts, Disney is king of the hill in Hollywood. The world's largest
entertainment firm, it owns television networks, a film studio and growing theme
park and consumer products businesses — all of which work together to get
maximum mileage out of the company's stable of intellectual property.
Although the financial performance of each Disney division has improved under
Iger, he has arguably made his biggest impact in film. In 2005, Disney was fifth
among the six major studios in domestic box-office receipts, according to
Rentrak. Now it's near the top: In 2014, Disney was No. 2 behind 20th Century
Fox. So far this year, Disney again is in second place, trailing Warner Bros. by a
narrow margin despite having released fewer films.
The difference? The Pixar and Marvel acquisitions, which have turbocharged
Walt Disney Studios, providing the division with a slew of blockbuster franchises,
including "Cars" and "Iron Man."
Those films are exceedingly valuable to Disney because they've become a
centerpiece of the company's strategy of integrating intellectual property
throughout its five business units.
In Disney's hands, a movie like "Frozen," which was released in November 2013,
can spin off cash years after it exits theaters. The film's merchandise sales, for

21
example, were credited with helping boost the consumer products division's
operating income 32% in the quarter that ended March 28.
"Disney monetizes its content better than anyone else out there," said Scott
Krisiloff, chief investment officer at Avondale Asset Management. "They don't
just sell you the movie ticket, they sell you the figurine, the theme park ticket,
they sell you on the experience."
Disney generated $7.5 billion in profit last year, dwarfing the earnings of rivals
such asTime Warner, Viacom and 21st Century Fox. (Comcast posted a bigger
profit than Disney in fiscal 2014, but the bulk of that company's net income
comes from its telecommunications business.)
Iger has reaped his rewards for Disney's success. He was paid $46.5 million last
year, and he holds about 1.14 million shares of Disney stock, according to recent
regulatory filings. His stock holdings were worth more than $125 million as of
Friday.
But not everything Iger has touched has turned to gold. In 2009, he put TV
veteran Rich Ross in charge of the film studio. Three years later, Disney parted
ways with Ross after the release of "John Carter," the poorly received sci-fi epic
that resulted in a $200-million write-down. Ross had also put "Lone Ranger" into
production.
But after Ross' exit, Iger moved swiftly to correct course. He brought in a veteran
studio hand, former Warner Bros. President Alan Horn.
That willingness to make a decisive move is also evident in Iger's approach to
deal-making. Iger said that when he's considering an acquisition, he doesn't get
caught up in what-ifs.
"It's not that I'm a daredevil," Iger said. "But I'm just generally not a fearful
person. I don't conduct my life worrying about what could happen, what may
happen."
Pivotal Purchases
The Pixar deal may be the one that established Iger's acquisition bona fides, but
Disney wouldn't be where it is today without the Marvel and Lucasfilm purchases.
Marvel had long been a gleam in Disney's eye. The company had a stable of
popular comic book characters such as Iron Man, Spider-Man and Wolverine and
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by the mid-2000s had found success releasing superhero movies with rival film
studios.
To get Marvel, Disney would have to convince owner Isaac Perlmutter, a sharp-
elbowed Israeli- American businessman, that it was time to sell.
"Ike was difficult to reach, didn't engage very much and never came to
Hollywood," Iger said.
Iger eventually got on Perlmutter's schedule: They would meet in June 2009 at the
inscrutable Marvel executive's offices in Manhattan.
Iger walked into Perlmutter's office by himself and told the story of buying Pixar,
hammering on the opportunities it created. Iger also suggested that Perlmutter
telephone Jobs, who could share his experience of selling Pixar to Disney.
"I basically tried to convince him that I was a trustworthy guy — not only was my
handshake good but I'd be a good steward of his people and the brand," Iger said.
He said that the $4-billion deal was effectively clinched over dinner with their
wives at an Upper East Side steakhouse.
Under Disney, Marvel has released three films that have topped $1 billion at the
box office: "The Avengers," "Iron Man 3" and "Avengers: Age of Ultron."
"Star Wars" is next.
As with the Marvel deal, Disney's acquisition of Lucasfilm — the producer of the
sci-fi franchise — hinged on a pivotal meal.
Iger and Lucasfilm owner George Lucas met for breakfast at Walt Disney World's
Hollywood Brown Derby (patterned after the long-gone L.A. eateries) in 2011
while both were in Florida to unveil a new 3-D Star Tours attraction.
Iger's pitch invoked the successes of Marvel and Pixar and drew a tantalizing
response from Lucas. "What he said to me was, 'If there is anyone I want to sell
to, it is you,'" Iger recalled.
Six months later, Lucas rang him. "Remember that breakfast?" Iger recalled Lucas
saying.

23
The $4.06-billion deal was announced in October 2012. "Star Wars: The Force
Awakens" will be released Dec. 18, the first of several new films planned for the
franchise.
Producer Brian Grazer, who has known Iger for more than 25 years, believes that
the executive's toughness — "he's kind of black ops" — has made him impervious
to pressure. But it is Iger's ability to connect personally with leaders like Lucas
that may be his secret weapon, Grazer said.
"All of these guys — beginning with Steve Jobs, then Ike Perlmutter and George
Lucas — are the most discriminating founders. When you are a founder, you
really look for vision and trust. I think Bob has that in the highest order," Grazer
said. "That immediately gave him a competitive edge."
Digital future
Last week, Disney gathered reporters to show off a new line of toys, called
Playmation, aimed squarely at a demographic the company calls the "digital
generation." Iger didn't preside over the reveal — those duties fell to Staggs,
marking the first time he's been given such responsibilities in his role as the
company's No. 2.
Dressed in a trim gray suit, Staggs explained how Playmation would showcase
Disney film franchises, starting with "Avengers."
"Since its inception, the Walt Disney Co. has been about imagination, innovation
and storytelling," he said.
But now more than ever, digital innovation will be important to Disney's future.
It's almost certain that the big challenge for the next CEO of Disney won't be
animation or live-action film, as it was with Iger, but with the digital revolution.
On this front, established media conglomerates like Disney are fighting hard to
establish beachheads in areas where upstarts such as Netflix and Amazon have
found quick success. It's a sea change that affects many areas of the company, but
especially television, Disney's most lucrative business.
It also remains to be seen what will come of Disney's purchase of Maker, a major
digital bet that could end up costing Disney as much as $950 million if the
company meets certain goals.

24
The presumption of many is that these will be battles for Staggs, now seen as the
internal front-runner for the CEO job. But his ascension is not preordained:
Between now and 2018, his leadership will be scrutinized by Disney's board,
which will select the company's next leader. The company could also eye an
outsider for the job.
Staggs seems to be cut from the same cloth as Iger. Both are fitness buffs, both
are experienced in acquisitions (Staggs was involved in the Capital Cities/ABC
deal) and are said by former colleagues such as Cora to have a similar
management style.
"He listens to people, he trusts those who work for him or those in other divisions
of the company," Cora, the former Disneyland International chairman, said of
Staggs. "He gathers opinions too."
Similar or not, Iger, who was made Disney's chairman in 2012, has set the bar
high, and his successor will have to contend with outsized expectations. Disney's
successes have been so grand and so regular — it has delivered record net income,
earnings per share and revenue for fiscal years in a row — that Wall Street has
become accustomed to home runs.
That's a heavy burden for any CEO.
Iger, in talking about the risk of acquisitions, noted that the chief executive is
always the one in the spotlight.
"Yes, you're putting risk on a company," he said. "But from a reputational
perspective, no one is taking on more risk than the CEO. And it's a risk that is
personal and firmly tethered to a CEO."

25
Leaders of Bob Iger

In 2015, Bob Iger, CEO of Disney , told his top 400 executives, “The riskiest
thing Disney can do is maintain the status quo.” Iger knows that simply
leveraging the traditional Disney brands like Mickey Mouse and adding theme
parks is insufficient to sustain the company’s growth.
As organizations grow, their capacity for innovation tends to stagnate—as my
Harvard Business School colleague Clay Christensen explained in The
Innovator’s Dilemma. Iger would not consider himself an innovator in the class of
Walt Disney or Steve Jobs, but he is a master at identifying, motivating, and
supporting creative leaders.
Why are there so many innovators, but so few innovation leaders?
Today, there are tens of thousands of innovators, but few outstanding innovation
leaders. Those companies with innovation leaders at their helm, like Google,
Apple, Amazon, Gilead, Disney, 3M, Tesla, and my former company Medtronic,
have sustained their growth and performed exceptionally well. Meanwhile, one-
time innovation pioneers that lost their mojo (such as Hewlett-Packard) have
stagnated.
Startups, smaller companies, and academic institutions currently drive most of our
nation’s innovation. It doesn’t have to be this way. Companies like Google , 3M,
Disney, and Apple show that corporations can stay creative even as they grow
large. Many people call these companies “experts on innovation,” but the truth is
a bit more nuanced. These organizations don’t just develop innovative ideas; they
develop innovation leaders.
Before Iger became CEO of Disney, his predecessor used a disciplined, “factory-
like” process to produce films. Business development teams came up with ideas
and then handed them to directors. Iger rearranged the process, placing faith in his
creative directors and enabling them to propose original ideas.
Iger isn’t the only leader at Disney inspiring creativity. Disney subsidiary Pixar
has two of the world’s finest innovation leaders in Ed Catmull and John Lasseter.
Thanks to their leadership, Pixar has created the 12 most successful animated
films of all time, including the 2016 Oscar winner, “Inside Out.” After he was
fired from Apple, Steve Jobs bought controlling interest in Pixar, and he learned

26
first-hand from Catmull and Lasseter how to lead innovators. This experience
paved the way for Jobs’ string of successes when he returned to Apple in 1997.
During a corporate board trip I took in 2013 to Pixar with Iger, Catmull, and
Lasseter and learned first-hand why they are so successful. We visited their
teams—the first-line innovators that create Pixar films – and saw how these
innovation leaders interacted with them. Catmull said that as part of the merger,
Iger asked him and Lasseter to take over Disney Studios because it had become
bureaucratic and slow-moving. In turn, they revived its fortunes – a success which
was evident in the popular 2013 film, “Frozen.” Iger didn’t stop with Pixar,
though. He later bought Lucasfilm and Marvel Entertainment, and retained their
innovation leaders.
Examining Alphabet (Google), we see the same caliber of leaders. The former
CEOs of Nest, Genentech, and Bloomberg all work for Alphabet. They operate
within a common corporate framework because CEO Larry Page, who is himself
a great innovation leader, gives them the latitude, resources, and teams to engage
in highly risky projects.
So, what are the key qualities of innovation leaders? What makes them so
effective at bringing out the creativity in others? After all, the characteristics of
great innovation leaders are dramatically different from traditional business
managers. The following seven elements are the key ingredients to innovation
leadership.
Passion for innovation. Innovation leaders not only have to appreciate the benefits
of innovation, they need a deep passion for innovations that benefit customers.
Just approving funds for innovation is insufficient. Leaders must make innovation
an essential part of the company’s culture and growth strategy.
A long-term perspective. Most investors think three years is “long-term,” but that
won’t yield genuine innovation. Major innovations can change entire markets as
the iPod and iTunes did, but they take time to perfect products and gain adoption
by mainstream users. Thus innovation leaders are sometimes willing to sacrifice
near-term financial results to seize longer-term opportunities.
Companies like Apple and Alphabet find ways to shield their leaders from the
day-to-day demands of investors. Google’s “X” runs the moonshot projects of
Alphabet, which include driverless cars, drone delivery, and robotics. The
division doesn’t measure its success by dollars created. Instead, it focuses on
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“speed of failure.” By changing the metrics of success, Page and co-founder
Sergey Brin are able to balance fiscal discipline with the need to give innovation
leaders a safe space to incubate new ideas.
The courage to fail and learn from failure. The risks of innovation are well
known, but many leaders aren’t willing to be associated with its failures.
However, there is a great deal to be learned from why an innovation has failed, as
this enhanced understanding can lead to the greatest breakthroughs. At Medtronic,
our failures with implantable defibrillators in the 1980s led to far more
sophisticated approaches to treating heart disease in the 1990s.
Deep engagement with the innovators. Innovation leaders must be highly engaged
with their teams, asking questions, probing for potential problems, and looking for
ways to accelerate projects and broaden their impact. That’s what HP’s founders
Bill Hewlett and David Packard did by wandering around HP’s labs and
challenging innovators. My HBS colleague Amy Edmondson says groups where
members can air wild ideas are “psychologically safe.” In such settings,
participants feel respected even when their ideas are rejected, and they don’t fear
airing opposing views. The more failed ideas that come up, they more likely the
group will land on a successful one.
Willingness to tolerate mavericks and protect them from middle management. The
best innovators are rule-breakers who don’t fit the corporate mold. These people
are often threatening to middle managers, many of whom adhere to standard
practices. That’s why innovation leaders must protect their mavericks’ projects,
budgets, and careers rather than forcing them into traditional management
positions.
Opening up time for creativity and brainstorming. Innovation leaders understand
how to give their people the time to think—the difference between “maker time”
and “manager time.” As Paul Graham wrote, managers break up their time into
30- to 60-minute chunks, feeling satisfied with tight schedules of meetings
throughout the day. For makers, this is disruptive, because it is impossible to
generate the time and freedom to be creative. Innovative thinkers need a few
consecutive hours to enter “flow” – a mental state in which people are fully
immersed in the creative process. Innovation leaders fit meetings around the
needs of their creative teams. For instance, Steve Jobs held three-hour meetings
on marketing – an unusual amount of time in a CEO’s schedule.

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Being self-aware and mindful. The best innovation leaders understand the
importance of self-awareness. Without knowing their limitations, they’ll be
unable to bring out the strengths of those around them. Honest feedback is often
hard to get because many people tell leaders what they want to hear rather than
the unvarnished truth. For this reason, many leaders use 360-feedback from their
peers and subordinates.
Mindful practices such as daily meditation, prayer, journaling, or jogging also
helps leaders to be more creative and open to new ideas. For Iger, this means
waking up every morning at 4:30 a.m. to be alone. For Jobs, this meant Zen
Buddhist meditation. As I have learned from my personal practice of meditation,
mindfulness helps me reflect on myself and my ability to lead others. Many of my
strongest ideas have come from meditation.
Innovation leaders don’t create innovations themselves, but they are effective at
leading creative people. While many companies claim they are innovative, few
successfully develop leaders who understand how to lead creative teams. Many
large companies often stifle innovation leaders. Short-term pressures, zero-sum
success, and an unhealthy focus on the status quo all prevent innovation leaders
from emerging.
Iger calls creativity “the heart and soul of Disney,” but, in truth, innovation
leaders are at the core of every creative company. Without their leadership,
companies begin to manage for short-term results and eventually decline. To stay
ahead of their competitors, companies must have innovation leaders who inspire
the creativity of others.

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Learning & Conclusion

 The study shows us the different phases of the Disney and how it has
reached the position in which it is today. It also shows that an envisioned
leader with broader thinking can change the fortune of the company.
 The stakes were always high for Disney as its movie business drives the
business of theme parks & resorts and its toys & merchandise business ,
hence movies has to perform well as well as characters has to loving.
 The Leadership style of Bob Iger and his go get it attitude had certainly
made the difference.
 What Disney got it right , was it successfully merged its competitors into
itself and thus removed the competition from the industry. If we look today,
all of its acquisition i.e. PIXAR, MARVEL & LUCAS FILMS LTD. had the
capability of developing its own theme parks & merchandise business and
that's what Disney did. Not only did it removed the competition but it also
took advantage of the acquisition it made and created an empire of business
from it.
 Disney created a culture where innovation is pushed , creativity is
appreciated and creative freedom is in abundance. Due to which new
characters and new innovations have made into the business and took the
journey of Disney to a new level.
 Disney created leaders and gave free reign to existing leaders, it tolerated
there tantrums and result was wonderful creations & innovations.
 Disney did not removed the leadership after acquisition instead it was
nurtured. Definitely a lesson on how to acquire and merge the company and
its leadership.
 Disney has set an example for the others on how to acquire big brands and
make them great.

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Bibliography & References

 http://marketrealist.com/2014/01/walt-disney-company/
 http://www.latimes.com/entertainment/envelope/cotown/la-et-ct-disney-
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 http://fortune.com/2016/04/04/the-leadership-quality-that-truly-separates-
disneys-bob-iger-from-his-peers/
 http://www.ft.com/cms/s/0/e0e70758-e21d-11e5-96b7-
9f778349aba2.html#axzz45siUfc8k
 http://www.bloomberg.com/news/articles/2007-02-04/how-bob-iger-
unchained-disney
 http://www.bloomberg.com/news/articles/2013-03-07/how-disney-bought-
lucasfilm-and-its-plans-for-star-wars
 http://fortune.com/2015/10/08/disney-marvel/
 http://www.newsarama.com/24999-disney-s-4-billion-marvel-buy-was-it-
worth-it.html
 https://en.wikipedia.org/wiki/The_Walt_Disney_Company
 https://en.wikipedia.org/wiki/Bob_Iger

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