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Disney Consummates Pixar Acquisition

5 May, 2006 By: Erik Gruenwedel

The Walt Disney Co. May 5 announced it had formally completed its previously announced $7.4 billion stock acquisition of Pixar Animation Studios.

Pixar shareholders, who approved the deal during a special meeting in San Francisco, will receive 2.3 Disney shares for each Pixar share.

Steve Jobs, Pixar chairman, CEO, and largest shareholder, joined Disney's board of directors as a non-independent member.

Ed Catmull, previously Pixar president, will serve as president of the new Pixar and Disney animation studios, reporting to Iger and Dick Cook, chairman of The Walt Disney Studios.

John Lasseter, previously Pixar EVP, will be chief creative officer of the animation studio, as well as principal creative advisor at Walt Disney Imagineering, assisting in the design of new attractions for Disney theme parks. He reports to Iger.

“As we begin the next chapter, all of us at Disney are pleased to welcome the incredibly talented Pixar team to our company to continue to create quality entertainment for audiences to enjoy around the world,” said Robert Iger, Disney president and CEO, in a statement.

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