Walt Disney purchased the rights in April 1937 and the film was finally released 5 years later in 1942.

Sidney Franklin sold the film rights to Walt Disney in April 1937. Disney began work on crafting an animated adaptation immediately, intending it to be the company's second feature-length animated film and their first to be based on a specific, recent work. However, the original novel was written for an adult audience, and was considered too "grim" and "somber" for a regular light-hearted Disney film. The artists also discovered that it would be challenging to animate deer realistically. These difficulties resulted in Disney putting production on hold while the studio worked on several other projects. In 1938, Disney assigned Perce Pearce and Carl Fallberg to work on the film's storyboards, but attention was soon drawn away as the studio began working on Fantasia.

The writing was completed in July 1940, by which time the film's budget had increased to $858,000.

Due to World War II, which began in Europe in 1939, Pinocchio and Fantasia failed at the box office. Facing financial difficulty, Disney was forced to cut 12 minutes from the film before final animation to save production costs. Bambi was released in theaters in 1942, during World War II, and was Disney's 5th full-length animated film. The film was re-released to theatres in 1947, 1957, 1966, 1975, 1982, and 1988. It was then made available on home video in 1989.

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