Disney acquires Pixar for $7.4 billion
Disney announced on Tuesday that it would acquire Pixar in an all-stock deal worth $7.4 billion. The deal also gives Apple and Pixar CEO, Steve Jobs, a seat on Disney’s Board of Directors.
“The addition of Pixar significantly enhances Disney animation, which is a critical creative engine for driving growth across our businesses,” said Robert A. Iger, president and CEO of The Walt Disney Company, in a statement. “This investment significantly advances our strategic priorities, which include - first and foremost - delivering high-quality, compelling creative content to consumers, the application of new technology and global expansion to drive long-term shareholder value.”
Pixar Chairman and CEO Steve Jobs will be appointed to Disney’s Board of Directors as a non-independent member, according to the agreement reached between the companies. Pixar President Ed Catmull will serve as President of the new Pixar and Disney animation studios, reporting to Iger and Dick Cook, Chairman of The Walt Disney Studios.
In addition, Pixar Executive Vice President John Lasseter will be Chief Creative Officer of the animation studios, as well as Principal Creative Advisor at Walt Disney Imagineering.
The deal puts an end to an ongoing battle between Disney and Pixar, which has threatened their relationship.
“Disney and Pixar can now collaborate without the barriers that come from two different companies with two different sets of shareholders,” said Steve Jobs. “Now, everyone can focus on what is most important, creating innovative stories, characters and films that delight millions of people around the world.”