Disney president and CEO Robert A. Iger announced the return of Oswald the Lucky Rabbit to The Walt Disney Company by agreement with NBC/Universal, the company that had previously owned the rights to Oswald since its theatrical debut in 1927.

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"As the forerunner to Mickey Mouse and an important part of Walt Disney's creative legacy, the fun and mischievous Oswald is back where he belongs, at the home of his creator and among the stable of beloved characters created by Walt himself," said Iger.

"When Bob was named CEO, he told me he wanted to bring Oswald back to Disney, and I appreciate that he is a man of his word. Having Oswald around again is going to be a lot of fun," said Walt Disney's daughter Diane Disney Miller.

When Walt Disney opened his animation studio in 1923, he spent four years producing The Alice Comedies, a popular series of shorts featuring a live girl in a cartoon world. After four years, Walt created a new character – Oswald the Lucky Rabbit.

Walt Disney produced 26 Oswald cartoons, which were distributed by Universal and well-received by audiences. However, on a trip to New York to renew his contract for Oswald, he discovered a clause in his contract that gave Universal ownership of his popular new character. On the train ride back to Hollywood, he was devastated but realised he needed to create a new character – one that he would own entirely – and during that long trip across the country, Mickey Mouse was born.

This transfer of ownership is part of an agreement permitting sportscaster Al Michaels to contract with NBC. In the transaction ESPN also acquired significant programming and promotional rights, including telecast rights to the live Friday coverage of four Ryder Cup golf championships through 2014, expanded video highlights for the Olympics through 2012, video promotion for ESPN's Monday Night Football during NBC's Sunday night football through 2011, and expanded highlight rights for other NBC Sports properties through 2011.