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Parks & Streaming Drive Disney's Q3 Results: Time to Buy the Stock?
Parks & Streaming Drive Disney's Q3 Results: Time to Buy the Stock?

Globe and Mail

time08-08-2025

  • Business
  • Globe and Mail

Parks & Streaming Drive Disney's Q3 Results: Time to Buy the Stock?

Disney DIS has delivered a compelling investment thesis for 2025, with its third-quarter fiscal 2025 results showcasing the powerful synergy between its theme parks business and rapidly improving streaming operations. Disney reported adjusted earnings per share of $1.61, significantly beating the consensus mark by 10.3%, while raising its full-year guidance to $5.85 per share, representing an impressive 18% increase from fiscal 2024. Disney's Experiences segment generated more than $9 billion in revenues, representing an 8% year-over-year increase. The standout performer was Walt Disney World, which achieved an all-time high for fiscal third-quarter revenues, driven by strong demand and longer guest stays, with bookings up 4% compared to the prior year. Domestic Parks operating income surged 22% to $1.65 billion, fueled by higher per-capita guest spending and expanded cruise operations. This demonstrates Disney's pricing power and the resilience of consumer demand for premium entertainment experiences, even amid broader economic uncertainties. Looking ahead, Disney expects segment operating income growth of approximately 8% for fiscal 2025, while management noted that bookings for the Experiences segment are tracking about 6% higher so far in the current quarter. The company is also pursuing unprecedented global expansion, with more expansions underway around the world in parks and experiences than at any other time in Disney's history, including a newly announced theme park resort in Abu Dhabi. The Zacks Consensus Estimate for fiscal 2025 revenues is pegged at $94.93 billion, indicating 3.91% year-over-year growth, with earnings expected to increase 17.3% to $5.83 per share. These projections suggest steady growth ahead. Streaming Business Achieves Profitability Milestone Disney's direct-to-consumer streaming segment has reached a critical inflection point. The streaming business posted $346 million in operating income for the fiscal third quarter, a dramatic turnaround from losses in the prior year. This transformation is particularly significant given that just two years ago, Disney was losing a billion dollars quarterly on streaming operations. Disney+ core subscribers reached 128 million, adding 1.8 million in the quarter, while combined Disney+ and Hulu subscriptions totaled 183 million. More importantly, Disney raised its operating income expectation for direct-to-consumer streaming to $1.3 billion for fiscal 2025, indicating sustainable profitability growth. Disney's competitive advantage lies in its ability to create content that generates value across multiple business segments. The success of the live-action Lilo & Stitch film exemplifies this strategy perfectly. The film crossed the $1 billion mark at the worldwide box office, becoming Hollywood's first film to reach that milestone in 2025, while fueling more than 640 million hours of related content streaming globally on Disney+. Disney plans to fully integrate Hulu into Disney+, creating an impressive package of entertainment that pairs the highest-caliber brands and franchises, general entertainment, family programming, news, and industry-leading sports content in a single app. This integration will enhance customer value while reducing operational complexity. The launch of ESPN's direct-to-consumer service represents another significant growth catalyst. ESPN Unlimited launches Aug. 21 for $30 per month, with Disney expecting the new streaming service to be accretive to overall earnings growth. ESPN's expanded NFL partnership, including a 10% NFL stake in the company and enhanced content rights, strengthens Disney's position in the lucrative sports streaming market. Compelling Valuation in Competitive Streaming Landscape The streaming market's continued expansion, with traditional cable penetration falling below 50% of U.S. households, positions Disney's integrated content strategy advantageously for sustained growth. Shares of Disney have returned 1.5% in the year-to-date period compared with the Zacks Consumer Discretionary sector's growth of 12%. In comparison, shares of Disney's competitors, including Apple AAPL, has lost 12% year to date, while shares of Amazon AMZN and Netflix NFLX have returned 1.8% and 33%, respectively. DIS's Year-to-Date Performance Disney stock presents exceptional value compared to streaming competitors, particularly Netflix. Disney trades at a forward P/E of approximately 18x despite achieving streaming profitability and executing massive expansion plans, notably below the Zacks Media Conglomerates industry average of 20.11x. Disney's forward price-to-sales ratio stands at just one-fifth of Netflix's, offering significantly better upside potential. While Netflix dominates pure streaming metrics, Disney's diversified entertainment ecosystem provides multiple revenue streams that pure-play streaming companies lack. Disney's direct-to-consumer operations generated approximately $24.15 billion in revenues over the last 12 months compared with Netflix's $41 billion, yet Disney's market capitalization remains substantially lower. DIS' P/E F12M Ratio Depicts Discounted Valuation Investment Outlook Disney's third-quarter results demonstrate the company's successful navigation of industry transformation while maintaining operational excellence. The combination of record-breaking theme park performance, streaming profitability, and strategic content integration creates a compelling investment opportunity for 2025. With Disney raising its fiscal 2025 guidance to $5.85 per share, representing an 18% increase from the previous year, the company appears well-positioned to deliver sustained growth. The convergence of multiple growth drivers —expanding global theme park footprint, profitable streaming operations, and enhanced sports content offerings —suggests Disney stock merits serious consideration for growth-oriented portfolios in 2025. Disney currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. See our %%CTA_TEXT%% report – free today! 7 Best Stocks for the Next 30 Days Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Inc. (AMZN): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report Netflix, Inc. (NFLX): Free Stock Analysis Report The Walt Disney Company (DIS): Free Stock Analysis Report

Visit Disneyland From the Comfort of Disney+ With More POV Walkthroughs
Visit Disneyland From the Comfort of Disney+ With More POV Walkthroughs

Gizmodo

time17-06-2025

  • Entertainment
  • Gizmodo

Visit Disneyland From the Comfort of Disney+ With More POV Walkthroughs

The Disney Experiences video library, which already includes POV ride-alongs for Star Wars: Rise of the Resistance and a Galaxy's Edge ambiance stroll, will soon add more attractions from across the Disneyland Resort. It's perfect for the fans who transform their living rooms, classrooms, and office cubicles into their ride vehicles and you'll be able to make a whole virtual grand circle tour of the park when the new videos hit the streamer July 17—which is Disneyland's 70th birthday. Here's the list of walkthrough POVs hitting Disney+ if you're chasing a particular type of Disney dopamine hit: • Pirates of the Caribbean | Disneyland Resort • Indiana Jones Adventure | Disneyland Resort • Radiator Springs Racers | Disneyland Resort • Incredicoaster | Disneyland Resort • Haunted Mansion | Disneyland Resort • Tiana's Bayou Adventure | Disneyland Resort • Cars Land | Disneyland Resort • Pixar Pal-A-Round | Disneyland Resort • Big Thunder Mountain Railroad | Disneyland Resort • Jungle Cruise | Disneyland Resort • Soarin' Around the World | Disneyland Resort • Avengers Campus | Disneyland Resort • Hollywood Land | Disneyland Resort • Main Street, U.S.A. | Disneyland Resort • Mickey's ToonTown | Disneyland Resort • 70th Celebration Nighttime Spectaculars | Disneyland Resort It's so fun to see this be an option to make the parks more accessible or even discoverable for folks who don't usually get much exposure to theme park culture. The standout is definitely Radiator Springs Racers, which showcases the incredible work Imagineering did to bring the world of Pixar's Cars to life. I don't even like the franchise but my fave Cars movie is the Cars land. There's also Indiana Jones Adventure, which got a facelift in the last couple of years after looking rough without any special effects; it's now up to state of the art standards. And my personal comfort ride Haunted Mansion is for sure going to get so many views from my household. Fingers crossed we get some Orlando Disney World drops because I need to 'live with the land' in Epcot from the West Coast. The effort to entice visitors through this digital media experience does serve as a clever sample to lure you to the real thing as the parks have recently pivoted from rising prices. We've recently been seeing a lot of sales on Disney vacations including specials for Disney+ members and other retailer promotions. Who would have thought pricing people out wouldn't work? So sprinkling in some Disney Parks magic to the streamer sure seems like a way to get more Disney vacays booked.

A floating Disney bubble: What families can expect on Disney cruises
A floating Disney bubble: What families can expect on Disney cruises

USA Today

time08-06-2025

  • Entertainment
  • USA Today

A floating Disney bubble: What families can expect on Disney cruises

A floating Disney bubble: What families can expect on Disney cruises Show Caption Hide Caption Deluxe Family Oceanview Stateroom tour on the new Disney Treasure USA TODAY took a ride on the brand new Disney Treasure cruise ship. Here's what to know about the Deluxe Family Oceanview Stateroom. "Family travel' is a six-part series showcasing the best experiences and destinations for young families looking for an escape. If you'd like to contribute to our future reporting and share your experience as a source, you can click here to fill out this quick form. I've been visiting Disney parks my entire life. I thought I knew what the Disney bubble was. Disney Cruise Line blew my definition out of (or into) the water. Everything Disney fans look for in a Disney vacation is – as Disney likes to say – plussed up on their ships. Here's what I experienced on my first Disney cruise and what your family can expect on yours. What is special about a Disney cruise? Disney cruises are made for Disney fans. 'We know that when guests get on one of our ships, 40, 50% of them are saying the only reason I'm cruising today is because Disney is here,' Disney Experiences Chairman Josh D'Amaro told USA TODAY last August, ahead of the cruise line's expansion announcements at D23: The Ultimate Disney Fan Event. 'These cruise ships are ways that we can tell all of the amazing stories that we have. We bring them to life in dining; we bring them to life theatrically. We bring them to life through technology and our cast members.' Many ship venues are inspired by Disney stories. Guests who want to learn how they can take an Art of the Theme Show Tour during their sailing. Disney characters roam about regularly and unlike in the parks, never have long waits to meet them. The entertainment on board is truly Broadway quality, not only because Disney is at heart an entertainment company, but it's also produced numerous shows on Broadway. My favorite show on our Disney Treasure sailing was "Disney the Tale of Moana," which Disney developed with Broadway veterans and Polynesian cultural advisors and cast. The youth clubs, particularly for younger children, feel like stepping into Disney movies. Many kids happily spend hours there, and adults wish they could, too. The closest grown-up guests get is during open houses. Guests rotate through a variety of themed restaurants for dinner each night of their sailing, and servers rotate with you so they can get to know you and your preferences, as well as any dietary needs. The level of customer service is exactly what you'd expect from Disney. Ships are designed with families in mind. Most staterooms have split bathrooms, so multiple people can get ready at the same time, and most feature bathtubs, which are clutch with young children. You're traveling with fellow Disney families and fans, who share your enthusiasm. Non-Disney fans can still enjoy sailings, but for those who love Disney, it's the ultimate floating Disney bubble. Disney parks take to the seas: How the new Disney Treasure makes magic Is a Disney cruise all-inclusive? Disney cruises include lodging, most dining, entertainment, recreation, youth club access, and more in their standard fare. There is an additional fee for childcare for infants and toddlers under age 3 at 'it's a small world nursery.' Extra experiences like adult-exclusive dining, makeovers at Bibbidi Bobbidi Boutique at Sea, the Royal Court Royal Tea Party with Disney princess, and spa and salon services also have fees. Is all the food on a Disney cruise free? Meals at rotational dining restaurants, on-board buffets, and various food stands are included in the cruise fare, as is most room service. Guests may choose to pay extra for adult-exclusive dining like Remy or Enchanté by Chef Arnaud Lallement. Treats at smoothie and sweets shops and snacks at concession stands near onboard movie theaters have à la carte fees. Specialty coffee drinks and alcohol are also extra. Do Disney cruises have good food? Yes. There are various options at each rotational restaurant. Guests are also welcome to ask for other offerings off menu, but what stuck out to me were everyday dishes like comforting congee at breakfast and a mountain of succulent crab legs during lunch at the Treasure's Marceline Market buffet. Mickey Churro Waffles and Disney Cruise Line chicken tenders are other fan favorites. So are Mickey ice cream bars, which you can order for free through room service. Italian-inspired Palo and other adult-exclusive restaurants, which cost extra, are so popular that reservations book up well ahead of sailings. Guests who miss out in advance can try to book in person upon embarkation. Is there unlimited alcohol on Disney cruises? No. There are no unlimited alcoholic beverage packages on Disney cruises. You can buy individual drinks and bottles of wine on board or pre-order bundles of hard seltzer, beer or wine. There are also deals like Drinks of the Day and the Beer Mug Savings package, which, for a one-time $15.25 fee, gets you 21-ounce beer refills for the price of 16 ounces. Upon initial embarkation and at each port, guests of legal drinking age may also carry on up to two unopened bottles of wine or champagne or six unopened beers no larger than 12 ounces. These must be brought in carry-on luggage, not checked, and may not be consumed in lounges or public spaces, aside from restaurants, where there is a corkage fee. Is there a casino on the Disney cruise? No. There are no casinos on Disney cruise ships. The closest thing to gambling is BINGO, which is extremely popular. Is there free Wi-Fi on Disney cruises? Yes. Guests can use free DCL Guest Wi-Fi to access the Disney Cruise Line Navigator App and message fellow guests. You can also message folks back home using third-party tools like Apple Messages and WhatsApp. However, you'll need paid internet service for anything more substantive like making calls, accessing social media, browsing the internet, posting or streaming video, and more. How much does a Disney cruise cost per person? Prices vary widely by sailing (ship, dates, itinerary, cruise duration and more), stateroom category, how many guests share the same stateroom and guest age. Kids under age 3, ages 3-12, and 13-17 are charged at different rates than adults, according to Plan Disney. Limited-time promotions also impact pricing. For instance, Disney Cruise Line is currently offering up to 30% off select summer 2025 sailings from the U.S. Prospective guests can find the latest special offers on the cruise line's website. Additionally, Disney Cruise Line passengers can lock in 10% off a future cruise when they purchase a refundable placeholder reservation while onboard a ship. At last check, the lowest priced sailing for a family of four departing the U.S. with two adults and two kids between the ages of 3-12 was priced at $2,620. That works out to $655 per person in an interior cabin on the Disney Wish for a 3-night Bahamas cruise leaving Port Canaveral on Aug. 22, 2025. Three-night cruises on the new Disney Adventure, launching in Singapore this December, start even lower. Does Disney Cruise Line go to Europe? Yes. Disney sails from three European ports: Barcelona, Spain Citavecchia, Italy (outside Rome) Southampton, England Transatlantic sailings are also offered several times a year. Do adults with no kids go on Disney cruises? Yes. Even though the cruises are designed with families in mind, lots of Disney adults sail kid-free. Many enjoy getting to feel like kids again themselves. Each ship and both of Disney's private island destinations have adult-exclusive areas and experiences. What are Disney's two private islands? Disney's has two private island destinations in the Bahamas: Castaway Cay and Lookout Cay at Lighthouse Point. Is it cheaper to go to Disney or Disney cruise? That depends on how long you plan to sail versus visit parks, as well as choice of accommodations, dining and time of year. It can go either way. What is the cheapest way to book a Disney cruise? Guests will generally find the best prices the day itineraries are released. This happens a few times a year, about 15 to 18 months in advance of sailings, according to Plan Disney. Travelers can work with travel agents to keep tabs on when the next batch will be released or sign up for Disney Cruise Line email updates and follow the cruise line on social media. Are Disney cruises worth it? They are for many fans. 'They rate us very, very highly, and they tend to want to come back,' D'Amaro said. But just like any vacation, the cruises may not be worth it for everyone. The reporter on this story received access to the ship from Disney Cruise Line. USA TODAY maintains editorial control of reviews.

Walt Disney World Teases Details About New 'Cars'-Themed Land amid 'Largest Expansion' in History of Magic Kingdom
Walt Disney World Teases Details About New 'Cars'-Themed Land amid 'Largest Expansion' in History of Magic Kingdom

Yahoo

time04-06-2025

  • Business
  • Yahoo

Walt Disney World Teases Details About New 'Cars'-Themed Land amid 'Largest Expansion' in History of Magic Kingdom

Walt Disney World has released details about the upcoming Cars-themed land, set to launch as part of the Piston Peak National Park transformation The Cars attraction was first announced at the Disney Experiences showcase at D23 on Aug. 10 "Cars from around the country are fueling up to be the wildest racer in the 'wheelderness,'" a Disney Parks Blog post read Walt Disney World is gearing up for the "largest expansion" in the history of Magic Kingdom! On Tuesday, June 3, the Orlando, Florida park released new details regarding the Piston Peak National Park transformation and the upcoming Pixar Cars-themed land, per a Disney Parks Blog post. "Cars from around the country are fueling up to be the wildest racer in the 'wheelderness,'" the post began. "Of course, we know that fans are curious to see how the exciting new backdrop for the big rally race will fit into the waters, landscapes, and storytelling at Magic Kingdom." It was announced that two new Cars-themed attractions would soon be built in Frontierland at the Disney Experiences showcase at D23 on Aug. 10. In the latest post, the park announced that Piston Peak National Park "will continue the sweeping storytelling tradition that has crossed Liberty Square and Frontierland" since it opened in the '70s. The post read, "Since the early days of Magic Kingdom, adventurous guests have traveled across space and time as they pass from Liberty Square to Frontierland." "At the heart of all these stories are heroic characters with a belief in themselves that helped forge a path to their dreams," the statement continued. "To continue this journey in great American storytelling, Piston Peak National Park will be part of the largest expansion in the history of Magic Kingdom," the park said. The post continued, "Imagine an awe-inspiring wilderness filled with towering trees, snowcapped mountains, breathtaking waterfalls, roaring rivers and impressive geysers. While fictional, Piston Peak is inspired by the Rocky Mountain area and the history and iconic sights of the American Frontier and its national parks." The park revealed that Piston Peak visitors would "be able to see and explore the visitor lodge, Ranger HQ, trails and more all set within the Disney and Pixar Cars universe." "To make sure these buildings fit naturally within the surrounding majestic landscapes, Imagineers are using a style of architecture called 'Parkitecture,' which was developed by the National Park Service to create structures that harmonize with the natural environment," the post added. "From the outside, trees will provide a natural barrier between the off-road rally and other parts of Frontierland and Liberty Square. Rugged mountains with dramatic peaks will be nestled along a calming waterway across from Grizzly Hall, and soaring geysers from the famed Big Thunder Mountain Railroad will stretch into the trails of our off-road rally," the description read. The post also confirmed that amid the ongoing work on the park this summer, the attractions Rivers of America, Tom Sawyer Island, and the Liberty Square Riverboat would be closing from July 7. "Imagineers are also hard at work beyond Big Thunder Mountain Railroad, bringing to life the first-ever land inspired by the Disney Villains with two major attractions, dining, and shopping all on an incredibly twisted grand scale," the park added. Details of the off-road Cars vehicles heading to the park were first revealed at The Future of World-Building at Disney panel at SXSW in March, per a previous Disney Parks Blog post. Pixar Chief Creative Officer Pete Docter and Imagineer Michael Hundgen shared the news, with the latter saying, 'Our primary goal is creating an emotional experience for our guests." 'For this Cars attraction, we need to invent a new type of ride vehicle. No one builds these in a factory because it has to do so much more than just carrying you from one place to another. We have to create a car that conveys a feeling when you ride in it," he added, per the post. Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories. The Imagineers worked with a motocross company after taking a trip to Arizona to experience driving in a real off-road vehicle on rocky terrain, the park said. 'We're using a customized production vehicle,' Hundgen explained. 'It has sensors all over it, and we're taking it for test drives on our dirt track to gather data on how the vehicle responds to different terrain. This is where we turn that feeling we want into real-world engineering." A Disney spokesperson didn't immediately respond when contacted by PEOPLE for additional information. Read the original article on People

Walt Disney will live again as a robot. His granddaughter says he never wanted this
Walt Disney will live again as a robot. His granddaughter says he never wanted this

Los Angeles Times

time03-06-2025

  • Entertainment
  • Los Angeles Times

Walt Disney will live again as a robot. His granddaughter says he never wanted this

Joanna Miller was 10 — no, '10 and three-quarters,' she clarifies — when she lost her grandfather. Even then, in December 1966, she shared him with the world. For Miller's grandad was Walt Disney, a name that would emblazen one of the largest entertainment conglomerates in the world, and come to signify uniquely American storytelling, family-friendly optimism and the creation of the modern theme park. Front-page stories across the globe announced his death, hailing him as a 'world enchanter,' 'amusement king' and 'wizard of fantasy.' But to Miller, he was just 'grampa.' She peppers stories about Disney in her conversations, often going down tangents as she recalls heartwarming moments. Such as the Christmas season when Disney, despite having access to Hollywood's most renown artists, put Miller's drawings on a holiday card. 'The bad art we were doing when we were 6 years old? He treated them like they were great works,' she says. She pauses, a tear forming in her eye. 'He was just the greatest guy. The best guy.' Miller is, to put it mildly, protective of Disney. So is the Walt Disney Co., and as Disneyland Resort's 70th anniversary in July approaches, both share a goal — to remind audiences of the man behind the corporate name. Last fall the company announced that an audio-animatronic of Disney would grace the opera house on Main Street, U.S.A., long home to 'Great Moments With Mr. Lincoln.' The new show, 'Walt Disney — A Magical Life,' will give parkgoers a sense of 'what it would have been like to be in Walt's presence,' Disney Experiences Chairman Josh D'Amaro explained at the announcement. The way Miller sees it, it's an abomination. 'Dehumanizing,' she wrote in a Facebook post that went viral among Disney's vast fandom. Calling the figure a 'robotic grampa,' she wrote, 'People are not replaceable. You could never get the casualness of his talking.' She also argued staunchly that Disney was against such mechanical immortalization. She stands by the post — she's one of the few, she says, to have seen the animatronic in the fake flesh — but also nervously laughs as she reflects on the attention it has brought her. Miller has long lived a private life, noting she considers herself shy — she declined to be photographed for this story — and says repeatedly it pains her to take a stand against the Walt Disney Co. She frets that the company will take away her access to the park, granted as part of an agreement when her father, the late Ron W. Miller, stepped down as CEO in 1984. But as Miller sees it, she has to speak up. 'He's ours,' Miller says of Disney. 'We're his family.' Most robotic figures in Disney parks represent fictional characters or overly-saturated political personalities, such as those in Florida's Hall of Presidents, which includes President Trump and living former presidents. Few speak and most are limited to statuesque movements. And unlike an attraction in which the company has full narrative control, such as a Pirates of the Caribbean, 'Walt Disney — A Magical Life' represents real life and a person who happens to have living, vocal descendants. And real life is complicated. 'When you get older,' Miller says, sometimes when things go wrong in life, 'you just start to get pissed off. And you get tired of being quiet. So I spoke up on Facebook. Like that was going to do anything? The fact that it got back to the company is pretty funny.' Get back to the company it did, as Miller soon found herself having an audience with Walt Disney Co. CEO Bob Iger. These days, Miller is in the midst of remodeling Disney's first L.A. home in Los Feliz, a craftsman bungalow owned in the 1920s by his uncle Robert and aunt Charlotte, who let Disney stay with them when he came from the Midwest. Miller envisions the house hosting events, perhaps workshops and artist talks for arts education nonprofit Ryman Arts. Its feel is of a mini museum. In the garage sits a Mercedes Benz, the last vehicle Disney owned. Black-and-white images of Disney furnish the walls, decorative 'Fantasia' dishware shares space with vintage toys in a glass-doored cabinet, and animation artwork, waiting to be framed, is laid out on one of the beds. 'I have been thinking a lot about this house and what it means,' Miller says. 'I wouldn't be here. Grampa wouldn't have met granny. This all started because people were helping out grampa. Aunt Charlotte was making peanut brittle in this house that they sold at Disneyland. So this house, there would not be Disney company if it weren't for this house.' Miller's relationship with the company has wavered over the decades. She's more excited to share memories of Disney than recall the tumultuous corporate period when her father oversaw the behemoth company. On Saturdays, Disney would often bring her and her siblings to the studio. There, they had the run of the place, cruising around the backlot in their very own mini-cars designed for Disneyland's Autopia ride. Those visits largely ended when Disney died, as her father dedicated his weekends to golf. Championing Disney, and preserving his legacy, runs in her family. Her mother, Diane, who died in 2013, was the guiding force behind the foundation of San Francisco's Walt Disney Family Museum. Miller, who long sat on the board, said the idea of creating an animatronic of Disney is not new, and was once considered for the museum. 'When we started the museum, someone said, 'Hey, let's do Walt as an animatronic,'' Miller recalls. 'And my mom: 'No. No. No. No.' Grampa deserves new technology for this museum, but not to be a robot himself.' Her mother, says Miller, 'wanted to show him as a real human.' Miller says she first heard of Disneyland's animatronic last summer, a few weeks before D'Amaro announced the attraction at the fan convention D23. The show will follow a similar format to the Lincoln attraction, in which a film plays before the animatronic is revealed. Lincoln, for instance, stands and gives highlight's of the president's speeches, doing so with subtle, realistic movements. Disney, promises the company, will be even more lifelike, with dialogue taken from his own speeches. D'Amaro said 'A Magical Life' had the support of the Disney family, singling out Disney's grandnephew Roy P. Disney, who was in the audience. Miller stresses that she does not speak for her five siblings or other descendants, but as she wrote in a letter to Iger, 'I do speak for my grandfather and my mother.' Shortly after her Facebook post, Miller was invited to see the figure and meet with Iger and members of Walt Disney Imagineering, the secretive creative team responsible for theme park experiences. 'He was very kind,' Miller says of Iger. 'He let me do my spiel.' But she wasn't swayed. She says she asked him to create a set of guidelines on how the company would portray Disney, and Iger promised to protect his legacy. 'But I don't think he has. They're different people. He's a businessman, grampa was an artist.' Imagineering and Disneyland discussed the project at a media event in April, but the animatronic was not shown, nor were pictures revealed. Imagineering did display an early sculpt used in modeling the robot to show the care taken in crafting Disney. The sculpt depicts Disney in 1963, when he was 62. One could detect age spots on Disney's hands and weariness around his eyes. Miller recalls her reaction when she saw the figure. 'I think I started crying,' Miller says. 'It didn't look like him, to me.' There are at least two Walt Disneys. There's the company founder, Mickey Mouse designer and Disneyland creator who, later in life, visited millions of Americans via their television sets on the weekly 'Disneyland' show and became known as 'Uncle Walt.' Then there's the man Miller knew, a grandfather who exists to the rest of us only via stories. Sometimes these public-private personalities overlapped, such as the moments Disney would be paraded down Disneyland's Main Street with Miller and her siblings in tow. Miller pulls out a photo showing her face buried in her lap as she tried to hide from Disney's adoring fans. Or the times fans caught Miller looking out from Disney's Main Street apartment, a place where she spent many nights as a child and that still stands today. She recalls Disney stopping to talk to people at the park. 'It was the dearest thing,' she says. He would take photos with fans and sign autographs. 'I never ever saw him not be less than tickled and honored that people loved him so much.' Imagineers argue that the two Walt Disneys are being lost to history. 'Why are we doing this now?' said longtime Imagineer Tom Fitzgerald. He cited two reasons, the first being Disneyland's 70th anniversary. 'The other: I grew up watching Walt Disney on television. I guess I'm the old man. He came into our living room every week and chatted and it was very casual and you felt like you knew the man. But a lot of people today don't know Walt Disney was an individual.' The company also says that animatronic technology has advanced to a point it can do Disney justice. Miller is sympathetic to Imagineering's arguments. It's clear she holds tremendous respect for the division, believed to have been the aspect of the company Disney held dearest to his heart. She gushes about Star Wars: Galaxy's Edge, the most recent major addition to Disney's original park. 'It's amazing,' Miller says. Yet she doesn't buy into the theory that the company is simply out to preserve Disney's legacy. If that were the case, she argues, then episodes of his weekly 'Disneyland' show would be available on streaming service Disney+. Worse, she worries an animatronic will turn Disney into a caricature. The robotic Lincoln works, says Miller, because we lack filmed footage of him. She wishes the company had abandoned the animatronic and created an immersive exhibit that could have depicted Disney in his park. 'I strongly feel the last two minutes with the robot will do much more harm than good to Grampa's legacy,' Miller wrote in her letter to Iger. 'They will remember the robot, and not the man.' Miller has a number of letters and emails of support, some from former Imagineers, but has crossed out their names before handing them to a journalist. Most contacted for this story didn't return calls or emails, or declined to speak on the record, noting their current business relationships with the Walt Disney Co. The legacy of Disney is 'precious yet vulnerable,' said one such source, refusing to give a name because they still work with the company. 'Isn't it honorable when a granddaughter defends her grandfather? There's nothing in it for her.' Miller says she simply wants the company to respect Disney's wishes — that he never be turned into a robot. 'In all our research, we never found any documentation of Walt saying that,' Imagineer Jeff Shaver-Moskowitz said in April. 'We know that it's anecdotal and we can't speak to what was told to people in private.' And therein lies a major hurdle Miller faces. Those who Miller says knew of Disney's preferences — her mother, her father and Imagineers he was closest to, including confidant and former Imagineering chief Marty Sklar — are all dead. That leaves, unless someone else comes forward, only her. Miller, however, is realistic. Her family's biggest mistake, she argues, was selling the rights to Disney's name, likeness and portrait to the company in 1981 for $46.2 million in stock. It leaves the family little to zero say in how Disney is preserved in the park, although Imagineering says it has worked closely with the Walt Disney Family Museum and those descendants who are currently on the museum board in constructing the animatronic show. But there's one thing the Walt Disney Co. can't control, and that's Miller's voice — and her memories. On their trips to Disneyland, Miller's grandfather was happy to stop for autographs, but he also signed — in advance — the pages of an office pad. When the crowds became a bit much, he would hand a park-goer an inscribed piece of paper. 'After 10-15 minutes,' Miller recalls, 'he would say, 'Hey, I'm with the grandkids today, and we have things to do.''

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