The Walt Disney Company announced that it is relaunching Disney.com.  Also, the company expects internet and download revenues could total $700 million in 2007, reported AdAge.

Disney also announced its quarterly earnings report this week and said that it has sold half a million movies through the iTunes Store.

In October 2005, Disney's ABC Television made history by partnering with Apple to offer episodes of "Lost" and "Desperate Housewives" available for download through iTunes.

ABC.com has serviced 19 million request for free, ad-supported broadcast episodes for streaming in the first six weeks of this year's fall season, reported AdAge.

The relaunch of Disney.com will continue into the first half of 2007. Disney CEO Bob Iger said the project would be extensive and the site is being redesigned as a portal for shopping, TV, movies, travel, music and social networking.

"It will be highly customizable, particularly for different demographic groups, extremely robust in terms of its ability to support new media, and basically state of the art in terms of general features and utilities, and I'm extremely excited about the progress. It's been a company-wide effort. All the business units are behind it," Iger told AdAge.

Earlier this week Disney announced that its Buena Vista Game unit will open a video game studio to create Disney-inspired games for Nintendo's hand-held DS player and the Wii console.