The Walt DISney Company together with its subsidiaries operates as an entertainment company worldwide It operates through two segments DISney Media and Entertainment DIStribution and DISney Parks Experiences and Products The company engages in the film and episodic television content production and DIStribution activities as well as operates television broadcast networks under the ABC DISney ESPN Freeform FX Fox National Geographic and Star brands and studios that produces motion pictures under the Walt DISney Pictures Twentieth Century Studios Marvel Lucasfilm Pixar and Searchlight Pictures banners It also offers directtoconsumer streaming services through DISney DISney Hotstar ESPN Hulu and Star salelicensing of film and television content to thirdparty television and subscription videoondemand services theatrical home entertainment and music DIStribution services staging and licensing of live entertainment events and postproduction services by Industrial Light Magic and Skywalker Sound In addition the company operates theme parks and resorts such as Walt DISney World Resort in Florida DISneyland Resort in California DISneyland Paris Hong Kong DISneyland Resort and Shanghai DISney Resort DISney Cruise Line DISney Vacation Club National Geographic Expeditions and Adventures by DISney as well as Aulani a DISney resort and spa in Hawaii licenses its intellectual property to a third party for the operations of the Tokyo DISney Resort and provides consumer products which include licensing of trade names characters visual literary and other IP for use on merchanDISe published materials and games Further it sells branded merchanDISe through retail online and wholesale businesses and develops and publishes books comic books and magazines The Walt DISney Company was founded in 1923 and is based in Burbank California