Mickey Mouse can be (and is) a trademark owned by Disney. People cannot replicate his likeness or name. However, the movie itself is copyrighted, and not available for replication or use as the basis of other works.
Every time this movie comes to the end of its copyright term, Congress extends the maximum term. It's like magic.
Imagine if Shakespeare's works were still under copyright-- imagine which great movies and books would not have been created. Imagine if stories by The Brothers Grimm were still under copyright-- imagine which Disney films could not have been created. So many fantastic movies based on books would not have been made were the books not in the public domain.
Stories in the public domain are the source of countless works of art and commerce that maintains progress in the arts and sciences... life would be dull if copyright was a perpetual right.
Having this movie become part of the public domain would not jeopardize Disney's right to the Mickey Mouse character, which is a trademark.
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