Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened: On Oct. 16, 1923, Walt and Roy Disney established the Disney Brothers Cartoon Studio — a company better known today as the Walt Disney Co (NYSE:DIS).
Where The Market Was: The S&P 500 traded around 8.03, and the Dow traded around 1,291.83.
What Else Was Going On In The World: The U.S. was in the early period of the prohibition and the “Roaring Twenties.” The year also saw the rise of the Hollywood sign and the first Yankee Stadium.
A Mouse Is Born: Walt Disney kicked off his animation career in California in 1923, with the debut of his “Alice Comedies," a cartoon series about Alice’s Wonderland. Walt and his brother Roy soon brought the series under the Disney Brothers Cartoon Studio entity, giving rise to one of the most formidable entertainment companies of the 20th and 21st centuries.
During a period of reinvention, the studio changed its name to the Walt Disney Co. in 1986, heralding what’s now known as the Disney Renaissance.
Since then, the company has amassed quite a portfolio of entertainment assets. It bought ABC and a majority stake in ESPN in 1996; what’s now known as FreeForm in 2001; Pixar in 2006; the record-setting Marvel Entertainment in 2009; the lucrative "Star Wars" franchise in 2012; and the entertainment assets of Twenty-First Century Fox Inc (NYSE:FOXA) in 2018.
Apart from that, Disney has exploded into a global brand with Disneyland, Disney World and other global resorts and theme parks; a cruise line; a retail store; music and theater production companies; a kid's television network; and even its own streaming service.
Screenshot from "Alice's Wonderland," the 1923 short silent Disney film.