This case is a summary of the history of Walt Disney Productions from its founding by Walt Disney in the 1920s to 1984. Faced with declining performance in virtually all divisions of the company, top management must develop a long-term strategy for improving the company's performance. The case addresses the question of how to restore the value of the asset base built by Walt Disney. The case also addresses two broad issues: (1) leadership and (2) qualities of an "excellent" company. The case has sufficient material on the start-up and early days of Walt Disney Productions that students can assess some of the qualities that made Walt Disney a successful entrepreneur and creative leader. See also "Walt Disney Productions: The Arrival of Eisner and Wells" (BP-0339).