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Disney is Broadway bound
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August 19, 1996: 8:22 p.m. ET
Movie giant to stage King David at newly-renovated theater
From Correspondent Greg Clarkin
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NEW YORK (CNNfn) -  The Walt Disney Co. plans to make its mark on Broadway next spring with King David, a limited run biblical musical, and the first production for its newly-renovated New Amsterdam theater.
And Broadway is buzzing with rumors that a stage version of the animated movie hit The Lion King will follow. (520K QuickTime movie)
Disney chairman Michael Eisner said the company will probably pursue a "one project a year" strategy that it has taken with its animated films. (174K WAV) or (174K AIFF)
The New Amsterdam theater opened in 1903 and Disney has reportedly spent $34 million in restoring the 42nd Street landmark.
The renovation of the theater is the cornerstone of Disney's push into New York City and a turning point in the cleaning up of Times Square.
"At the core of the change is the commitment the Disney Co. made to Times Square two and a half years ago when the changes were not so apparent and the first question asked was 'How could you make an investment in Times Square?'" said New York mayor Rudy Giuliani.
Others have followed Disney's lead. A flashy new Virgin superstore recently opened in Times Square. The area has become one of the hottest commercial addresses in New York.
For Disney, New York represents an almost untapped market. The company just opened its first retail store on Fifth Avenue and another is planned for Harlem.
If things go as planned, the New Amsterdam Theater could become Disney's first full-blown tourist destination in the nation's largest city. 
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Walt Disney Co.
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