Yes it is true.
A Monster's Inc. ride will replace Timekeeper
Article. Short article though
The name for this new attraction has today been officially confirmed as "The Laugh Floor Comedy Club".
Guests find the power of laughter in an engaging and interactive new adventure inspired by Disney-Pixar's "Monsters, Inc." as they match wits with the one-eyed hero Mike Wazowski and his friends.
Opening early 2007.