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 brothers 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 and then Walt Disney Productions. Taking on its current name in 1986, it expanded its existing operations and also started divisions focused upon the theater, radio, music, publishing and online media. In addition, Disney has since created and acquired 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, Walt Disney Studios, which is today one of the largest and best-known studios in American cinema. Disney's other three main divisions are Walt Disney Parks, Experiences and Consumer Products, Disney Media Networks, and Disney Direct-to-Consumer and International. Disney also owns and operates the ABC broadcast television network; cable television networks such as Disney Channel, ESPN, A+E Networks, and Freeform; publishing, merchandising, music, and theater 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.
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