In a move that shocked no one, Disney (NYSE:DIS) announced that it was starting preproduction work on The Chronicles of Narnia: Prince Caspian. The second of the seven books in the popular C.S. Lewis series is set to be translated onto the big screen for December of 2007, coming on the heels of the runaway holiday hit, The Chronicles of Narnia: The Lion, the Witch, and the Wardrobe.

The original has grossed $635 million in worldwide ticket sales since its December debut. For Disney, Chronicles has become a slice of redemption after the company failed to play a bigger role in The Lord of the Rings trilogy's success. Most of those spoils went to Motley Fool Stock Advisor recommendation Time Warner (NYSE:TWX).

The fantasy world of the Pevensie siblings gives Disney another live-action workhorse to return its film studio to theatrical glory. A sequel to its smash hit The Pirates of the Caribbean will hit a multiplex near you this summer. Pirates and Chronicles will likely be blockbuster bookends for Disney, in the same vein that Time Warner feasted on having Harry Potter and The Lord of the Rings.

The proposed pairing of Disney and Stock Advisor pick Pixar (NASDAQ:PIXR) will go a long way toward reestablishing Disney as the leader in theatrical animation and hit franchises; on the filmed front, the further adventures of the Pevensies and Jack Sparrow will clearly help its live-action studio. Meanwhile, Disney's theme parks are sporting record attendance, while ABC and ESPN are also thriving.

Yes, Disney's back. The share price may still be trading in the mid-$20s, but the company's prospects have rarely been brighter. It took a division of the entire company over at Viacom (NYSE:VIA) to unlock shareholder value. At Disney, it has been a matter of multiplication. More Narnia. More Pirates. More Pixar.

More optimism, too.

Longtime Fool contributor Rick Munarriz loves a night out at the movies, but he is more than willing to settle for a matinee. He owns shares of Disney and Pixar. The Fool has a disclosure policy. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early.