This big screen version of Jungle Book is not from Walt Disney Pictures. It is from Warner Bros.
It is quite unusual that competing studios have the rights to one story. But, with Jungle Book, written over 125 years ago, there is no such thing as copyright, and anyone has access to the material for any way they wish to adapt it; film, television, stage, picture book, etc.
In this live action version of the film about an orphaned boy living in the wild, Andy Serkis directs, and Cate Blanchett, Christian Bale and Benedict Cumberbatch star.