Brothers Walt and Roy Disney launch the Disney Brothers Cartoon Studio – which later would be called The Walt Disney Company. It is now the largest media conglomerate in the world, with regards to revenue. It established itself as a leader in the American animation industry before it expanded into live-action film production, television, and travel. Since then, it has only grown to start new divisions in radio, theater, publishing, and online media.
On this day, October 16th, in 1923, Walt and Roy Disney founded what we now call the Walt Disney Company. The brothers moved from Chicago to Los Angeles, where they ordered and built kit houses side by side to each other. Walt was the main creative thinker, while Roy maintained the financial stability of the company. Despite having founded the studio together, Walt ended up buying out most of Roy’s share six years later. Roy became the company’s first CEO and shared the role of Chairman of the Board with Walt. Walt eventually left the Chariman title behind so he could focus on the creative aspects of the company.
After Walt died in 1966, Roy postponed his retirement a few years to oversee construction of what was then named Disney World, and later renamed to Walt Disney World as a tribute to his brother.