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The power dynamic is very asymmetrical. Disney is ABSOLUTELY free to negotiate with him to continue distributing the movie, running the ride, etc. It has been 35 YEARS and Disney's failed to do anything else with the IP. The original creator wants to make a sequel, and now he's able to. Also: you mentioned a scenario where you might make a video game and wanted to be able to distribute it in perpetuity. Unless you ba…
Licensing assets like rocks, foliage, random textures or sounds is extremely common in the game industry, even among big games.