In 1959, Walt Disney Productions, having improved its financial situation, had purchased ABC's shares in the Disneyland theme park for $7.5 million and initiated discussions to renew ABC's television contract for Walt Disney Presents, which was due to expire in 1961. Walt Disney was approached by NBC to produce color broadcasts of his anthology series (which would be renamed Walt Disney's Wonderful World of Color). Goldenson said ABC could not counter the offer, because the network did not have the technical and financial resources to carry the program in the format. As a result, ABC and Disney's first television collaboration ended in 1961 (the network would resume its relationship with Disney in 1985, when the anthology series returned to the network for a three-season run as the Disney Sunday Movie until it lost the rights to NBC again in 1988; the Disney anthology series would return to ABC in 1996, following the company's purchase of the future Capital Cities/ABC, as The Wonderful World of Disney).