Simplify the following text for a Grade 7 native English-speaking person.
Original: Founded on October 16 , 1923 , by brothers Walt Disney and Roy Disney as the Disney Brothers Cartoon Studio , the company was reincorporated as Walt Disney Productions , Ltd. in 1929 , and became publicity-traded as Walt Disney Productions in 1938 .
Simplified: It was started in 1923 by Walt Disney and his brother , Roy Oliver Disney , as the Disney Brothers Cartoon Studio . It had the name of Walt Disney Productions from the 1930s to early 1986 .