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=== 1967β1984: Roy O. Disney's leadership and death, Walt Disney World, animation industry decline, and Touchstone Pictures === In 1967, the last two films Walt had worked on were released; the animated film [[The Jungle Book (1967 film)|''The Jungle Book'']], which was Disney's most successful film for the next two decades, and the live-action musical ''[[The Happiest Millionaire]]''.{{Sfnm|1a1=Canemaker|1y=2001|1p=51|2a1=Griffin|2y=2000|2p=101}}<ref name="DisneyAnimation">{{Cite news |last=Spiegel |first=Josh |date=January 11, 2021 |title=A Crash Course in the History of Disney Animation Through Disney+ |work=Vulture |url=https://www.vulture.com/article/disney-animation-history-crash-course.html#:~:text=The%20Jungle%20Book%20(1967),for%20the%20ensuing%20two%20decades. |url-status=live |access-date=May 19, 2022 |archive-url=https://web.archive.org/web/20220520020543/https://www.vulture.com/article/disney-animation-history-crash-course.html#:~:text=The%20Jungle%20Book%20(1967),for%20the%20ensuing%20two%20decades. |archive-date=May 20, 2022}}</ref> After Walt's death, the company largely abandoned animation, but made several live-action films.<ref>{{Cite news |last=Puig |first=Claudia |date=March 26, 2016 |title=''Waking Sleeping Beauty'' documentary takes animated look at Disney renaissance |work=USA Today |url=http://usatoday30.usatoday.com/life/movies/reviews/2010-03-26-beauty26_ST_N.htm |access-date=May 19, 2022 |archive-url=https://web.archive.org/web/20160401082520/http://usatoday30.usatoday.com/life/movies/reviews/2010-03-26-beauty26_ST_N.htm |archive-date=April 1, 2016}}</ref><ref>{{Cite web |last=Lambie |first=Ryan |date=June 26, 2019 |title=Exploring Disney's Fascinating Dark Phase of the 70s and 80s |url=https://www.denofgeek.com/movies/exploring-disneys-fascinating-dark-phase-of-the-70s-and-80s/ |url-status=live |archive-url=https://web.archive.org/web/20220520010520/https://www.denofgeek.com/movies/exploring-disneys-fascinating-dark-phase-of-the-70s-and-80s/ |archive-date=May 20, 2022 |access-date=May 19, 2022 |website=Den of Geek}}</ref> Its animation staff declined from 500 to 125 employees, with the company only hiring 21 people from 1970 to 1977.<ref name="AwnDarkAge">{{Cite news |last=Sito |first=Tom |date=November 1, 1998 |title=Disney's ''The Fox and the Hound'': The Coming of the Next Generation |work=Animation World Magazine |url=https://www.awn.com/animationworld/disneys-fox-and-hound-coming-next-generation |url-status=live |access-date=May 24, 2022 |archive-url=https://web.archive.org/web/20220523050750/https://www.awn.com/animationworld/disneys-fox-and-hound-coming-next-generation |archive-date=May 23, 2022}}</ref> Disney's first post-Walt animated film ''[[The Aristocats]]'' was released in 1970; according to [[Dave Kehr]] of ''[[Chicago Tribune]]'', "the absence of his [Walt's] hand is evident".<ref>{{Cite news |last=Dave |first=Kehr |author-link=Dave Kehr |date=April 13, 1987 |title=''Aristocats'' Lacks Subtle Disney Hand |work=Chicago Tribune |url=https://www.chicagotribune.com/news/ct-xpm-1987-04-13-8701280130-story.html |url-access=limited |access-date=May 20, 2022 |archive-date=May 20, 2022 |archive-url=https://web.archive.org/web/20220520130242/https://www.chicagotribune.com/news/ct-xpm-1987-04-13-8701280130-story.html |url-status=live }}</ref> The following year, the [[Anti-fascism|anti-fascist]] musical ''[[Bedknobs and Broomsticks]]'' was released and won the Oscar for [[Academy Award for Best Visual Effects|Best Special Visual Effects]].<ref>{{Cite news |last=Long |first=Rebecca |date=August 8, 2021 |title=The Anti-Fascist ''Bedknobs and Broomsticks'' Deserves Its Golden Jubilee |work=[[The New York Observer]] |url=https://observer.com/2021/08/bedknobs-and-broomsticks-angela-lansbury-anniversary/ |url-access=limited |access-date=May 20, 2022 |archive-date=May 20, 2022 |archive-url=https://web.archive.org/web/20220520175135/https://observer.com/2021/08/bedknobs-and-broomsticks-angela-lansbury-anniversary/ |url-status=live }}</ref> At the time of Walt's death, Roy was ready to retire but wanted to keep Walt's legacy alive; he became the first [[Chief executive officer|CEO]] and [[chairman]] of the company.<ref name="CeoPolygon">{{Cite web |last=Radulovic |first=Petrana |date=February 27, 2020 |title=Your complete guide to what the heck the Disney CEO change is and why you should care |url=https://www.polygon.com/2020/2/27/21156667/bob-chapek-iger-disney-ceo-guide-marvel-star-wars-pixar |access-date=May 18, 2022 |website=[[Polygon (website)|Polygon]] |archive-date=May 19, 2022 |archive-url=https://web.archive.org/web/20220519022818/https://www.polygon.com/2020/2/27/21156667/bob-chapek-iger-disney-ceo-guide-marvel-star-wars-pixar |url-status=live }}</ref><ref name="NyTimesRoyDisney">{{Cite news |date=December 22, 1971 |title=Roy O. Disney, Aide of Cartoonist Brother, Dies at 78 |pages=39 |work=The New York Times |url=https://www.nytimes.com/1971/12/22/archives/roy-o-disney-aide-of-cartoonist-brother-dies-at-78.html |url-access=limited |access-date=May 19, 2022 |archive-date=May 19, 2022 |archive-url=https://web.archive.org/web/20220519162410/https://www.nytimes.com/1971/12/22/archives/roy-o-disney-aide-of-cartoonist-brother-dies-at-78.html |url-status=live }}</ref> In May 1967, Roy had [[Reedy Creek Improvement Act|legislation passed by Florida's legislatures]] to grant Disney World its own [[Multinational corporation|quasi-government]] agency in an area called [[Reedy Creek Improvement District]]. Roy changed Disney World's name to Walt Disney World to remind people it was Walt's dream.<ref>{{Cite news |last=Eades |first=Mark |date=December 22, 2016 |title=Remembering Roy O. Disney, Walt Disney's brother, 45 years after his death |work=The Orange County Register |url=https://www.ocregister.com/2016/12/22/remembering-roy-o-disney-walt-disneys-brother-45-years-after-his-death/ |url-access=limited |access-date=May 18, 2022 |archive-date=May 19, 2022 |archive-url=https://web.archive.org/web/20220519022818/https://www.ocregister.com/2016/12/22/remembering-roy-o-disney-walt-disneys-brother-45-years-after-his-death/ |url-status=live }}</ref><ref>{{Cite news |last1=Levenson |first1=Eric |last2=Gallagher |first2=Dianna |date=April 21, 2022 |title=Why Disney has its own government in Florida and what happens if that goes away |work=CNN |url=https://www.cnn.com/2022/04/21/us/reedy-creek-walt-disney-florida/index.html |access-date=May 20, 2022 |archive-date=May 22, 2022 |archive-url=https://web.archive.org/web/20220522021840/https://www.cnn.com/2022/04/21/us/reedy-creek-walt-disney-florida/index.html |url-status=live }}</ref> EPCOT became less the City of Tomorrow, and more another amusement park.<ref>{{Cite news |last=Patches |first=Matt |date=May 20, 2015 |title=Inside Walt Disney's Ambitious, Failed Plan to Build the City of Tomorrow |work=[[Esquire (magazine)|Esquire]] |url=https://www.esquire.com/entertainment/news/a35104/walt-disney-epcot-history-city-of-tomorrow/ |url-access=limited |access-date=May 18, 2022 |archive-date=March 5, 2020 |archive-url=https://web.archive.org/web/20200305233026/https://www.esquire.com/entertainment/news/a35104/walt-disney-epcot-history-city-of-tomorrow/ |url-status=live }}</ref> After 18 months of construction at a cost of around $400 million, Walt Disney World's first park the Magic Kingdom, along with [[Disney's Contemporary Resort]] and [[Disney's Polynesian Village Resort|Disney's Polynesian Resort]],<ref>{{Cite news |date=October 1, 2021 |title=49 years ago, Walt Disney World opened its doors in Florida |work=[[Fox 13 Tampa Bay]] |url=https://www.fox13news.com/news/49-years-ago-walt-disney-world-opened-its-doors-in-florida |access-date=May 19, 2022 |archive-date=June 12, 2022 |archive-url=https://web.archive.org/web/20220612024031/https://www.fox13news.com/news/49-years-ago-walt-disney-world-opened-its-doors-in-florida |url-status=live }}</ref> opened on October 1, 1971, with 10,400 visitors. A parade with over 1,000 band members, 4,000 Disney entertainers, and a choir from the US Army marched down Main Street. The icon of the park was the [[Cinderella Castle]]. On Thanksgiving Day, cars traveling to the Magic Kingdom caused traffic jams along interstate roads.<ref>{{Cite news |last=Schneider |first=Mike |author-link=Mike Schneider (news anchor) |date=September 29, 2021 |title=Disney World Opened 50 Years Ago; These Workers Never Left |work=Associated Press |url=https://apnews.com/article/business-lifestyle-entertainment-travel-arts-and-entertainment-071c80ae6c0dabe6e1afbc3b59240131 |access-date=May 19, 2022 |archive-date=May 19, 2022 |archive-url=https://web.archive.org/web/20220519142058/https://apnews.com/article/business-lifestyle-entertainment-travel-arts-and-entertainment-071c80ae6c0dabe6e1afbc3b59240131 |url-status=live }}</ref><ref>{{Cite news |last=Greg |first=Allen |date=October 1, 2021 |title=50 years ago, Disney World opened its doors and welcomed guests to its Magic Kingdom |work=NPR |url=https://www.npr.org/2021/10/01/1041469785/disney-world-magic-kingdom-50-years#:~:text=Walt%20Disney%20World.-,The%20park%20celebrates%20its%2050th%20anniversary%20on,1%2C%202021.&text=Disney%20World%2C%20the%20largest%20theme,1%2C%201971. |access-date=May 19, 2022 |archive-date=May 19, 2022 |archive-url=https://web.archive.org/web/20220519142058/https://www.npr.org/2021/10/01/1041469785/disney-world-magic-kingdom-50-years#:~:text=Walt%20Disney%20World.-,The%20park%20celebrates%20its%2050th%20anniversary%20on,1%2C%202021.&text=Disney%20World%2C%20the%20largest%20theme,1%2C%201971. |url-status=live }}</ref> On December 21, 1971, Roy died of [[Intracerebral hemorrhage|cerebral hemorrhage]] at St. Joseph Hospital.<ref name="NyTimesRoyDisney" /> [[Donn Tatum]], a senior executive and former president of Disney, became the first non-Disney-family-member to become CEO and chairman. [[Card Walker]], who had been with the company since 1938, became its president.<ref>{{Cite web |date=June 3, 1993 |title=Donn B. Tatum |url=https://variety.com/1993/scene/people-news/donn-b-tatum-107455/ |access-date=May 19, 2022 |website=Variety |archive-date=May 19, 2022 |archive-url=https://web.archive.org/web/20220519162411/https://variety.com/1993/scene/people-news/donn-b-tatum-107455/ |url-status=live }}</ref><ref name="WalkerVariety">{{Cite web |date=November 30, 2005 |title=E. Cardon 'Card' Walker |url=https://variety.com/2005/scene/markets-festivals/e-cardon-card-walker-1117933774/ |access-date=May 20, 2022 |website=Variety |archive-date=May 20, 2022 |archive-url=https://web.archive.org/web/20220520151605/https://variety.com/2005/scene/markets-festivals/e-cardon-card-walker-1117933774/ |url-status=live }}</ref> By June 30, 1973, Disney had over 23,000 employees and a gross revenue of $257,751,000 over a nine-month period, compared to the year before when it made $220,026,000.<ref>{{Cite news |date=July 18, 1973 |title=Disney Empire Is Hardly Mickey Mouse |page=30 |work=The New York Times |url=https://www.nytimes.com/1973/07/18/archives/disney-empire-is-hardly-mickey-mouse-classic-advancement-song.html |url-access=limited |access-date=May 20, 2022 |archive-date=November 25, 2021 |archive-url=https://web.archive.org/web/20211125200053/https://www.nytimes.com/1973/07/18/archives/disney-empire-is-hardly-mickey-mouse-classic-advancement-song.html |url-status=live }}</ref> In November, Disney released the animated film [[Robin Hood (1973 film)|''Robin Hood'']] (1973), which became Disney's biggest international-grossing movie at $18 million.<ref>{{cite magazine |date=January 15, 1975 |title=Disney's Dandy Detailed Data; ''Robin Hood'' Takes $27,500,000; Films Corporate Gravy-Maker |magazine=Variety |page=3 |access-date=}}</ref> Throughout the 1970s, Disney released live-action films such as ''The Computer Wore Tennis Shoes''{{'}} sequel ''[[Now You See Him, Now You Don't]]'';<ref>{{Cite news |last=Thompson |first=Howard |author-link=Howard Thompson (film critic) |date=August 24, 1972 |title=Spirited Romp for Invisible Caper Crew |pages=0 |work=The New York Times |url=https://www.nytimes.com/1972/08/24/archives/spirited-romp-for-invisible-caper-crew.html |url-access=limited |access-date=May 20, 2022 |archive-date=May 20, 2022 |archive-url=https://web.archive.org/web/20220520175135/https://www.nytimes.com/1972/08/24/archives/spirited-romp-for-invisible-caper-crew.html |url-status=live }}</ref> ''The Love Bug'' sequels ''[[Herbie Rides Again]]'' (1974) and ''Herbie Goes to Monte Carlo'' (1977);<ref>{{Cite web |date=December 31, 1973 |title=''Herbie Rides Again'' |url=https://variety.com/1973/film/reviews/herbie-rides-again-1200423226/ |access-date=May 20, 2022 |website=Variety |archive-date=May 20, 2022 |archive-url=https://web.archive.org/web/20220520175135/https://variety.com/1973/film/reviews/herbie-rides-again-1200423226/ |url-status=live }}</ref><ref>{{Cite web |date=December 31, 1977 |title=''Herbie Goes to Monte Carlo'' |url=https://variety.com/1976/film/reviews/herbie-goes-to-monte-carlo-1200423994/ |access-date=May 20, 2022 |website=Variety |archive-date=May 20, 2022 |archive-url=https://web.archive.org/web/20220520175134/https://variety.com/1976/film/reviews/herbie-goes-to-monte-carlo-1200423994/ |url-status=live }}</ref> ''[[Escape to Witch Mountain (1975 film)|Escape to Witch Mountain]]'' (1975);<ref>{{Cite news |last=Canby |first=Vincent |author-link=Vincent Canby |date=July 3, 1975 |title=Screen: ''Witch Mountain'': Disney Fantasy Shares Bill with ''Cinderella'' |pages=0 |work=The New York Times |url=https://www.nytimes.com/1975/07/03/archives/screenwitch-mountaindisney-fantasy-shares-bill-with-cinderella.html |url-access=limited |access-date=May 20, 2022 |archive-date=May 20, 2022 |archive-url=https://web.archive.org/web/20220520175134/https://www.nytimes.com/1975/07/03/archives/screenwitch-mountaindisney-fantasy-shares-bill-with-cinderella.html |url-status=live }}</ref> and ''[[Freaky Friday (1976 film)|Freaky Friday]]'' (1976).<ref>{{Cite news |last=Eder |first=Richard |author-link=Richard Eder |date=January 29, 1977 |title=Disney Film Forces Fun Harmlessly |pages=11 |work=The New York Times |url=https://www.nytimes.com/1977/01/29/archives/disney-film-forces-fun-harmlessly.html |url-access=limited |access-date=May 20, 2022 |archive-date=May 20, 2022 |archive-url=https://web.archive.org/web/20220520180640/https://www.nytimes.com/1977/01/29/archives/disney-film-forces-fun-harmlessly.html |url-status=live }}</ref> In 1976, Card Walker became CEO of the company, with Tatum remaining chairman until 1980, when Walker replaced him.<ref name="CeoPolygon" /><ref name="WalkerVariety" /> In 1977, [[Roy E. Disney]], Roy O. Disney's son and the only Disney working for the company, resigned as an executive because of disagreements with company decisions.<ref>{{Cite news |last=Schneider |first=Mike |date=November 3, 1999 |title=Nephew Is Disney's Last Disney |work=[[The Seattle Times]] |others=Associated Press |url=https://archive.seattletimes.com/archive/?date=19991104&slug=2993263 |url-access=limited |access-date=May 21, 2022 |archive-date=December 21, 2021 |archive-url=https://web.archive.org/web/20211221132732/https://archive.seattletimes.com/archive/?date=19991104&slug=2993263 |url-status=live }}</ref> In 1977, Disney released the successful animated film ''[[The Rescuers]]'', which grossed $48 million.<ref>{{Cite news |last=King |first=Susan |date=June 22, 2015 |title=Disney's animated classic ''The Rescuers'' marks 35th anniversary |work=Los Angeles Times |url=https://www.latimes.com/entertainment/movies/la-xpm-2012-jun-22-la-et-mn-disney-animated-film-the-rescuers-is-35-20120621-story.html |url-access=limited |access-date=May 21, 2022 |archive-date=December 31, 2021 |archive-url=https://web.archive.org/web/20211231020039/https://www.latimes.com/entertainment/movies/la-xpm-2012-jun-22-la-et-mn-disney-animated-film-the-rescuers-is-35-20120621-story.html |url-status=live }}</ref> The live action/animated musical ''[[Pete's Dragon (1977 film)|Pete's Dragon]]'' was released in 1977, grossing $16 million in the US and Canada, but was a disappointment to the company.{{sfn|Lucas|2019|p=89}}<ref>{{cite news|title=Big Rental Films of 1978|work=Variety|date=January 3, 1979|page=17}}</ref> In 1979, Disney's first [[Motion Picture Association film rating system#MPA film ratings|PG-rated film]] and most expensive film to that point at $26 million ''[[The Black Hole (1979 film)|The Black Hole]]'' was released, showing Disney could use special effects. It grossed $35 million, a disappointment to the company, which thought it would be a hit like ''[[Star Wars (film)|Star Wars]]'' (1977). ''The Black Hole'' was a response to other [[Science fiction film]]s of the era.<ref>{{Cite news |last=Kit |first=Borys |date=December 1, 2009 |title=''Tron: Legacy'' team mount a ''Black Hole'' remake |work=[[Reuters]] |others=The Hollywood Reporter |url=https://www.reuters.com/article/us-hole/tron-legacy-team-mount-a-black-hole-remake-idUSTRE5B01LG20091201 |url-access=limited |access-date=May 23, 2022 |archive-date=May 23, 2022 |archive-url=https://web.archive.org/web/20220523151928/https://www.reuters.com/article/us-hole/tron-legacy-team-mount-a-black-hole-remake-idUSTRE5B01LG20091201 |url-status=live }}</ref><ref>{{Cite web |last=Weiner |first=David |date=December 13, 2019 |title="We Never Had an Ending:" How Disney's ''Black Hole'' Tried to Match ''Star Wars'' |url=https://www.hollywoodreporter.com/movies/movie-news/we-never-had-an-ending-why-disneys-black-hole-lost-star-wars-1262526/ |access-date=May 23, 2022 |website=The Hollywood Reporter |archive-date=May 26, 2022 |archive-url=https://web.archive.org/web/20220526142136/https://www.hollywoodreporter.com/movies/movie-news/we-never-had-an-ending-why-disneys-black-hole-lost-star-wars-1262526/ |url-status=live }}</ref> In September, 12 animators, which was over 15% of the department, resigned. Led by [[Don Bluth]], they left because of a conflict with the training program and the atmosphere, and started their own company [[Sullivan Bluth Studios|Don Bluth Productions]].<ref>{{Cite news |last=Harmetz |first=Aljean |author-link=Aljean Harmetz |date=September 20, 1979 |title=11 Animators Quit Disney, Form Studio |pages=14 |work=The New York Times |url=https://www.nytimes.com/1979/09/20/archives/11-animators-quit-disney-form-studio-loyalty-is-cited.html |url-access=limited |access-date=May 23, 2022 |archive-date=April 13, 2022 |archive-url=https://web.archive.org/web/20220413021904/https://www.nytimes.com/1979/09/20/archives/11-animators-quit-disney-form-studio-loyalty-is-cited.html |url-status=live }}</ref><ref>{{Cite web |last=Poletick |first=Rachel |date=February 2, 2022 |title=Don Bluth Entertainment: How One Animator Inspired a Disney Exodus |url=https://collider.com/don-bluth-entertainment-inspired-a-disney-exodus/ |access-date=May 23, 2022 |website=Collider |archive-date=May 23, 2022 |archive-url=https://web.archive.org/web/20220523151928/https://collider.com/don-bluth-entertainment-inspired-a-disney-exodus/ |url-status=live }}</ref> In 1981, Disney released ''Dumbo'' to [[VHS]] and ''Alice in Wonderland'' the following year, leading Disney to eventually release all its films on home media.{{Sfn|Lucas|2019|p=153}} On July 24, [[Walt Disney's World on Ice]], a two-year tour of ice shows featuring Disney charters, made its premiere at the [[Meadowlands Arena|Brendan Byrne Meadowlands Arena]] after Disney licensed its characters to [[Feld Entertainment]].<ref>{{Cite news |date=June 28, 1981 |title=World on Ice Show Opens July 14 in Meadowlands |pages=48 |work=The New York Times |agency=Associated Press |url=https://www.nytimes.com/1981/06/28/arts/world-on-ice-show-opens-july-14-in-meadowlands.html |url-access=limited |access-date=May 23, 2022 |archive-date=May 23, 2022 |archive-url=https://web.archive.org/web/20220523152857/https://www.nytimes.com/1981/06/28/arts/world-on-ice-show-opens-july-14-in-meadowlands.html |url-status=live }}</ref><ref>{{Cite news |last=Sherman |first=Natalie |date=April 7, 2014 |title=Howard site is a key player for shows like Disney on Ice and Monster Jam |work=[[The Baltimore Sun]] |url=https://www.baltimoresun.com/business/bs-bz-feld-warehouse-20140407-story.html |url-access=limited |access-date=May 23, 2022 |archive-date=May 23, 2022 |archive-url=https://web.archive.org/web/20220523151929/https://www.baltimoresun.com/business/bs-bz-feld-warehouse-20140407-story.html |url-status=live }}</ref> The same month, Disney's animated film ''[[The Fox and the Hound]]'' was released and became the highest-grossing animated film to that point at $40 million.<ref>{{cite magazine |last=Eller |first=Claudia |date=January 9, 1990 |title=''Mermaid'' Swims to Animation Record |magazine=Variety |page=1}}</ref> It was the first film that did not involve Walt and the last major work done by Disney's Nine Old Men, who were replaced with younger animators.<ref name="AwnDarkAge" /> {{Multiple image | total_width = 600px | align = right | perrow = 3 | image1 = Sleeping Beauty Castle Disneyland Anaheim 2013.jpg | alt1 = A castle painted blue and pink with the bottom layer being made of stone bricks | image2 = Cinderella Castle 2013 Wade.jpg | alt2 = Blue and white castle with the bottom layer being made of stone bricks | image3 = 1 epcot spaceship earth 2010a.JPG | alt3 = ginormous ball made of triangles | footer = (left to right) Disneyland's Sleeping Beauty Castle, Magic Kingdom's Cinderella Castle, and Epcot's Spaceship Earth are each park's main icon. }} As profits started to decline, on October 1, 1982, Epcot, then known as EPCOT Center, opened as the second theme park in Walt Disney World, with around 10,000 people in attendance during the opening.<ref name="NyTimesEpcot">{{Cite news |last=Thomas |first=Hayes |date=October 2, 1982 |title=Fanfare as Disney Opens Park |pages=33 |work=The New York Times |url=https://www.nytimes.com/1982/10/02/business/fanfare-as-disney-opens-park.html |url-access=limited |access-date=May 24, 2022 |archive-date=May 25, 2022 |archive-url=https://web.archive.org/web/20220525022724/https://www.nytimes.com/1982/10/02/business/fanfare-as-disney-opens-park.html |url-status=live }}</ref><ref>{{Cite news |last=Wynne |first=Sharron Kennedy |date=September 27, 2021 |title=For Disney World's 50th anniversary, a look back at the Mouse that changed Florida |work=[[Tampa Bay Times]] |url=https://www.tampabay.com/life-culture/entertainment/theme-parks/2021/09/27/for-disney-worlds-50th-anniversary-look-back-at-the-mouse-that-changed-florida/ |url-access=limited |access-date=May 24, 2022 |archive-date=November 20, 2021 |archive-url=https://web.archive.org/web/20211120225209/https://www.tampabay.com/life-culture/entertainment/theme-parks/2021/09/27/for-disney-worlds-50th-anniversary-look-back-at-the-mouse-that-changed-florida/ |url-status=live }}</ref> The park cost over $900 million to construct, and consisted of the [[Future World (Epcot)|Future World]] pavilion and [[World Showcase]] representing Mexico, China, Germany, Italy, America, Japan, France, the UK, and Canada; Morocco and Norway were added in 1984 and 1988, respectively.<ref name="NyTimesEpcot" /><ref>{{Cite news |date=October 1, 2021 |title=On This Day: Epcot opened at Walt Disney World in 1982 |work=Fox 35 Orlando |url=https://www.fox35orlando.com/news/on-this-day-epcot-opened-at-walt-disney-world-in-1982 |access-date=May 24, 2022 |archive-date=May 19, 2022 |archive-url=https://web.archive.org/web/20220519070451/https://www.fox35orlando.com/news/on-this-day-epcot-opened-at-walt-disney-world-in-1982 |url-status=live }}</ref> The animation industry continued to decline and 69% of the company's profits were from its theme parks; in 1982, there were 12 million visitors to Walt Disney World, a figure that declined by 5% the following June.<ref name="NyTimesEpcot" /> On July 9, 1982, Disney released ''[[Tron]]'', one of the first films to extensively use [[computer-generated imagery]] (CGI). It was a big influence on other CGI movies, though it received mixed reviews.<ref>{{Cite web |last=King |first=Susan |date=January 7, 2017 |title=''Tron'' at 35: Star Jeff Bridges, Creators Detail the Uphill Battle of Making the CGI Classic |url=https://variety.com/2017/film/news/tron-jeff-bridges-cgi-1982-disney-anniversary-1202486941/ |access-date=May 25, 2022 |website=Variety |archive-date=May 26, 2022 |archive-url=https://web.archive.org/web/20220526004522/https://variety.com/2017/film/news/tron-jeff-bridges-cgi-1982-disney-anniversary-1202486941/ |url-status=live }}</ref> In 1982, the company lost $27 million.<ref name="NyTimesTouchstone">{{Cite news |last=Harmetz |first=Aljean |author-link=Aljean Harmetz |date=February 16, 1984 |title=Touchstone Label to Replace Disney Name on Some Films |work=The New York Times |url=https://www.nytimes.com/1984/02/16/movies/touchstone-label-to-replace-disney-name-on-some-films.html |url-access=limited |page=19 |access-date=May 25, 2022 |archive-date=April 3, 2015 |archive-url=https://web.archive.org/web/20150403144539/http://www.nytimes.com/1984/02/16/movies/touchstone-label-to-replace-disney-name-on-some-films.html |url-status=live }}</ref> On April 15, 1983, Disney's first park outside the US, [[Tokyo Disneyland]], opened in [[Urayasu]].<ref>{{Cite news |last=Shoji |first=Kaori |date=April 12, 2013 |title=Tokyo Disneyland turns 30! |work=[[The Japan Times]] |url=https://www.japantimes.co.jp/culture/2013/04/12/general/tokyo-disneyland-turns-30/ |url-access=registration |access-date=May 25, 2022 |archive-date=November 25, 2021 |archive-url=https://web.archive.org/web/20211125103910/https://www.japantimes.co.jp/culture/2013/04/12/general/tokyo-disneyland-turns-30/ |url-status=live }}</ref> Costing around $1.4 billion, construction started in 1979 when Disney and [[The Oriental Land Company]] agreed to build a park together. Within its first ten years, the park had over 140 million visitors.<ref>{{cite news |last=Shapiro |first=Margaret |date=December 16, 1989 |title=Unlikely Tokyo Bay Site Is a Holiday Hit |work=Los Angeles Times |url=https://www.latimes.com/archives/la-xpm-1989-12-16-vw-194-story.html |url-access=limited |access-date=May 25, 2022 |archive-date=October 18, 2015 |archive-url=https://web.archive.org/web/20151018212024/http://articles.latimes.com/1989-12-16/news/vw-194_1_tokyo-disneyland-japanese |url-status=live }}</ref> After an investment of $100 million, on April 18, Disney started a pay-to-watch cable television channel called [[Disney Channel]], a 16-hours-a-day service showing Disney films, twelve programs, and two magazines shows for adults. Although it was expected to do well, the company lost $48 million after its first year, with around 916,000 subscribers.<ref>{{Cite news |last=Bedell |first=Sally |author-link=Sally Bedell Smith |date=April 12, 1983 |title=Disney Channel to Start Next Week |pages=17 |work=The New York Times |url=https://www.nytimes.com/1983/04/12/arts/disney-channel-to-start-next-week-by-sally-bedell.html |url-access=limited |access-date=May 25, 2022 |archive-date=May 25, 2022 |archive-url=https://web.archive.org/web/20220525164758/https://www.nytimes.com/1983/04/12/arts/disney-channel-to-start-next-week-by-sally-bedell.html |url-status=live }}</ref><ref>{{Cite news |last=Steve |first=Knoll |date=April 29, 1984 |title=The Disney Channel Has an Expensive First Year |pages=17 |work=The New York Times |url=https://www.nytimes.com/1984/04/29/arts/cable-tv-notes-the-disney-channel-has-an-expensive-first-year.html |url-access=limited |access-date=May 25, 2022 |archive-date=May 25, 2022 |archive-url=https://web.archive.org/web/20220525164757/https://www.nytimes.com/1984/04/29/arts/cable-tv-notes-the-disney-channel-has-an-expensive-first-year.html |url-status=live }}</ref> In 1983, Walt's son-in-law [[Ron W. Miller]], who had been president since 1978, became its CEO, and [[Raymond Watson]] became chairman.<ref name="CeoPolygon" /><ref>{{Cite web |date=October 22, 2012 |title=Raymond Watson, former Disney chairman, dies |url=https://variety.com/2012/film/news/raymond-watson-former-disney-chairman-dies-1118061120/ |access-date=May 27, 2022 |website=Variety |archive-date=May 27, 2022 |archive-url=https://web.archive.org/web/20220527224740/https://variety.com/2012/film/news/raymond-watson-former-disney-chairman-dies-1118061120/ |url-status=live }}</ref> Miller wanted the studio to produce more content for mature audiences,<ref>{{Cite web |last=Bartlett |first=Rhett |date=February 10, 2019 |title=Ron Miller, Former President and CEO of The Walt Disney Co., Dies at 85 |url=https://www.hollywoodreporter.com/news/general-news/ron-miller-president-ceo-walt-disney-dies-at-85-1184707/ |access-date=May 25, 2022 |website=The Hollywood Reporter |archive-date=May 25, 2022 |archive-url=https://web.archive.org/web/20220525173415/https://www.hollywoodreporter.com/news/general-news/ron-miller-president-ceo-walt-disney-dies-at-85-1184707/ |url-status=live }}</ref> and Disney founded film distribution label [[Touchstone Pictures]] to produce movies geared toward adults and teenagers in 1984.<ref name="NyTimesTouchstone" /> ''[[Splash (film)|Splash]]'' (1984) was the first film released under the label, and a much-needed success, grossing over $6 million in its first week.<ref>{{Cite news |date=March 12, 1984 |title=Disney makes big splash at box office |work=[[UPI]] |url=https://www.upi.com/Archives/1984/03/12/Disney-makes-big-splash-at-box-office/2401447915600/ |access-date=May 25, 2022 |archive-date=June 20, 2018 |archive-url=https://web.archive.org/web/20180620232427/https://www.upi.com/Archives/1984/03/12/Disney-makes-big-splash-at-box-office/2401447915600/ |url-status=live }}</ref> Disney's first R-rated film ''[[Down and Out in Beverly Hills]]'' (1986) was released and was another hit, grossing $62 million.<ref>{{Cite web |last=Abramovitch |first=Seth |date=March 13, 2021 |title=Hollywood Flashback: ''Down and Out in Beverly Hills'' Mocked the Rich in 1986 |url=https://www.hollywoodreporter.com/movies/movie-news/hollywood-flashback-down-and-out-in-beverly-hills-mocked-the-rich-in-1986-4145983/ |access-date=May 25, 2022 |website=The Hollywood Reporter |archive-date=May 26, 2022 |archive-url=https://web.archive.org/web/20220526004522/https://www.hollywoodreporter.com/movies/movie-news/hollywood-flashback-down-and-out-in-beverly-hills-mocked-the-rich-in-1986-4145983/ |url-status=live }}</ref> The following year, Disney's first PG-13 rated film ''[[Adventures in Babysitting]]'' was released.<ref>{{Cite web |last=Chapman |first=Glenn |date=March 29, 2011 |title=Looking back at ''Adventures in Babysitting'' |url=https://www.denofgeek.com/movies/looking-back-at-adventures-in-babysitting/ |access-date=May 25, 2022 |website=Den of Geek |archive-date=May 28, 2021 |archive-url=https://web.archive.org/web/20210528220035/https://www.denofgeek.com/movies/looking-back-at-adventures-in-babysitting/ |url-status=live }}</ref> In 1984, [[Saul Steinberg (businessman)|Saul Steinberg]] attempted to buy out the company, holding 11% of the stocks. He offered to buy 49% for $1.3 billion or the entire company for $2.75 billion. Disney, which had less than $10 million, rejected Steinberg's offer and offered to buy all of his stock for $326 million. Steinberg agreed, and Disney paid it all with part of a $1.3 billion bank loan, putting the company $866 million in debt.<ref>{{Cite web |last=Sanello |first=Frank |author-link=Frank Sanello |date=June 11, 1984 |title=Walt Disney Productions ended financier Saul Steinberg's takeover attempt... |url=https://www.upi.com/Archives/1984/06/11/Walt-Disney-Productions-ended-financier-Saul-Steinbergs-takeover-attempt/1284455774400/ |access-date=May 25, 2022 |website=UPI |archive-date=July 28, 2021 |archive-url=https://web.archive.org/web/20210728002217/https://www.upi.com/Archives/1984/06/11/Walt-Disney-Productions-ended-financier-Saul-Steinbergs-takeover-attempt/1284455774400/ |url-status=live }}</ref><ref>{{Cite news |last=Hayes |first=Thomas |date=June 12, 1984 |title=Steinberg Sells Stake to Disney |pages=1 |work=The New York Times |url=https://www.nytimes.com/1984/06/12/business/steinberg-sells-stake-to-disney.html |url-access=limited |access-date=May 25, 2022 |archive-date=May 26, 2022 |archive-url=https://web.archive.org/web/20220526023609/https://www.nytimes.com/1984/06/12/business/steinberg-sells-stake-to-disney.html |url-status=live }}</ref>
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