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The Lion King was released on June 15, 1994, to a positive reaction from critics, who praised the film for its music, story and animation; it finished its run as the highest-grossing release of 1994.
If you are referring to a sequel to The Lion King II: Simba's Pride, then, Disney has not announced that it is in production so it won't be coming to DVD anytime soon. However, The Lion King 1Â½ was marketed as The Lion King 3 to those who live outside of the United States and Canada and was released in 2004.