Is The Lion King a rip off of Kimba The White Lion?

Walt Disney has quite a bit of explaining to do. This follows after allegations of plagiarism have surfaced over their world famous cartoon - The Lion King.

It is said that The Lion King is exactly the same as Japanese anime created  in 1954 - Kimba The White Lion. The anime based on the manga was the first color animated television series created in Japan, and it was broadcast on Fuji Television from 1965 to 1966.

Take a look at this video comparing the two movies:

Do you think The Lion King is a rip off?