By the late 1980s, movie studios were once again being allowed to own theaters and in 1989 the Walt Disney Company entered into a lease agreement with the Pacific Circuit for the Paramount and the smaller Crest Theatre in Westwood. These theaters became the Disney company's flagship houses. They spent $14 million on a complete renovation of the Paramount, restoring much of the building's original decor as well as the theater's original name. El Capitan reopened in 1991 with the premiere of The Rocketeer. In recent years, many of Disney's feature films have premiered here as well as the debut of Walt Disney Animation Studios' first made-for-TV special Prep & Landing, and most movies are accompanied by live stage shows. Jimmy Kimmel Live!, which airs on Disney-owned ABC, originates from a TV studio next door to the El Capitan.