I've had very "spirited discussions" about this very thing on this board for 3 years...
The Disney "stalwarts"... Shall we say...swear that there is no favorable financial arrangements on this project...
Shenanigans...that was the ONLY way this ever made sense.
From accounts it seems that Cameron has been going door to door around Hollywood peddling this IP for decades...and even after he managed to cgi his way to a billion dollar box office - he still can't get people lining up to take it further...
That is impossible in today's Hollywood climate. They green lit a ninja turtles sequel on a terrible movie 5 days after release...
I thinks that Cameron is financing up front cost, long term cost (what Disney is really after), concessions on marketing, or leasing the IP for free...
Perhaps a combination of all of the above.
Disney knows when they've got a marketable product...they paid 6 billion for the Skywalker and Indiana Jones...
Avatar is NOT that product...there is no loyal fanbase or conventioneers to speak of...there are no lucrative merchandise tie ins.
Disney is "allowing" construction in a lagging park...but they are not gonna do it with exploiting the weaknesses of the avatar product...don't be fooled.
The potential is that the IP can integrate very well with animal kingdom (I'm not disputing that)...
But it's a weak franchise (that's not even an accurate description based on ZERO staying power) and the cash registers aren't going to ring away.
No dispute with the comments above. I also wonder if Comcast/Universal decided to pass because of the insane cost of Terminator 2 3D. Cameron basically stepped in, took over the whole project and spent a ton (I believe around 60 million - insane even today and unheard of in the mid-1990s), but then again Cameron isn't known for being frugal with the dollars. I'm sure that also contributed to Disney telling him to cough up if he wanted the project to go ahead.