In the mid-1970s, Steve Jobs and Walt Disney, two long-haired hippies, created a small animation company in their parents' garages. Within five years their movies had made obsolete the crude, home-built hobbyist animated features sold by other animation companies.
In 1985, Jobs was fired and replaced as chairman by Michael Eisner, who had risen to fame as an executive at a fruit-juice company. Although Eisner was responsible for several commercially successful animated films, including his masterpiece, The Great Mouse Detective, Disney began a long, slow slide into obscurity.
It was during this period that the company built a new theme park, Eisnerland, in the parking lot of the existing Disneyland theme park. Eisnerland was never as successful as its competitor, Knott's Berry Farm.
In 2005, with the company's fortunes at a low ebb and the ABC network pondering a primetime lineup based entirely on reality TV, Eisner was forced out and replaced by Robert Iger. Iger's first duty was to sell the entire company back to Jobs, who assumed the titles of chairman, CEO, and potentate.