Here I will post Comparison Screencaptures from 5 different versions of The Lion King.

The 1995 Walt Disney Masterpiece Collection VHS
The 1995 Walt Disney Masterpiece Collection Laserdisc
The 2003 Platinum Edition DVD
The 2011 Diamond Edition Blu-Ray
The 2018 Walt Disney Signature Collection Ultra HD 4K

FIRST IMAGE: The Walt Disney Masterpiece Collection VHS.
Released: March 3, 1995.
Aspect Ratio: 4:3
Image Quality:

SECOND IMAGE: The Walt Disney Masterpiece Collection Laserdisc.
Released: September 20, 1995.
Aspect Ratio: 1.85:1
Image Quality:

THIRD IMAGE: The Walt Disney Platinum Edition DVD.
Released: October 7, 2003.
Aspect Ratio: 1.71:1

FORTH IMAGE: The Walt Disney Diamond Edition Blu-Ray.
Released: October 4, 2011.
Aspect Ratio: 1.78:1

FIFTH IMAGE: The Walt Disney Signature Collection Ultra HD 4K.
Released: December 4, 2018.
Aspect Ratio: 1.78:1
Image Quality: