Pixar corporate press release (01/24/06)

[BlueSkyDriveBy]

Here ya go:

http://corporate.pixar.com/releaseDe...leaseID=185239


Here's the nitty-gritty paragraph of details:

"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, where he will provide his expertise in the design of new attractions for Disney theme parks around the world, reporting directly to Iger. Pixar Chairman and CEO Steve Jobs will be appointed to Disney's Board of Directors as a non-independent member. With the addition of Jobs, 11 of Disney's 14 directors will be independent. Both Disney and Pixar animation units will retain their current operations and locations."

So... Lasseter will become the "Chief Creative Officer" at WDFA, and "Principal Creative Advisor" at WDI, reporting directly to Iger.

Whoa!

[yensid98]

I'm shocked by this news. I really can't believe it. I fear for Pixar, it's artists and animation in general. It may sound dramatic, but I'm just really upset by this turn of events.

[sir clinksalot]

^ Why may I ask???

If this had been done under Eisner then yeah ... I can see the reservation.
You don't pay $7.4 BILLION for something then go changing something that obviously works.

[dramaqueen]

The news inside Pixar is that nothing will change- no one is losing their jobs and the office will stay where they are. As far as they are concerned the merger does not affect them.

Iger has said that the animation department is his number one creative priority and adding Pixar can only further that goal. Disney has many CGI projects in the near future that will benefit from this merger as well.

Its the Pixar stockholders that really got screwed in all this- their shares go from being worth almost $60 a share to around $30.

[sediment]

Originally Posted by dramaqueen

Its the Pixar stockholders that really got screwed in all this- their shares go from being worth almost $60 a share to around $30.

Please explain to me how you conclude this.

Also, people in San Francisco might not be thrilled with your expansion of the city limits.

[sediment]

I'll give you a little help. Some might call it a slap to the head, tough:

Under terms of the agreement, 2.3 Disney shares will be issued for each Pixar share. Based on Pixar's fully diluted shares outstanding, the transaction value is $7.4 billion ($6.3 billion net of Pixar's cash of just over $1 billion).*

So, if you had 100 shares of Pixar stock, you would get them converted into 230 shares of Disney stock. Sure, the price per share is lower, but you now have more shares. And, miraculously, these two portfolios are equal in value. Amazing how math can be used these days.

[BlueSkyDriveBy]

Originally Posted by dramaqueen

The news inside Pixar is that nothing will change- no one is losing their jobs and the office will stay in San Francisco.

Emeryville! The Pixar campus is in Emeryville!

[dramaqueen]

Mybe I interpreted the article incorrectly, but I posted this in the news forum:

http://www.micechat.com/forums/showt...779#post445779

Pixar's shares were worth about twice as much as Disney's yesterday- if Disney acquires all the shares of Pixar, thos ePixar shares become Disney shares. I believe Disney is giving 2 shares of Disney for every one share of Pixar, or something close to that. So Pixar shareholders double the amount of stock they hold, but its worth half as much. Pixar stock yesterday was the most expensive in the entertainment industry.

Is that an incorrect interpretation?

[dramaqueen]

Originally Posted by BlueSkyDriveBy

Emeryville! The Pixar campus is in Emeryville!

sorry- no need to curse

[disneytim]

Question: Does Pixar still keep it's autonomy, it's "name-above-the-title" so to speak? or will all the material pumped out of their studio be rubber-stamped "DISNEY," period?

[BlueSkyDriveBy]

Originally Posted by sediment

Also, people in San Francisco might not be thrilled with your expansion of the city limits.

YEAH!

What sediment said!

[dramaqueen]

Originally Posted by sediment

I'll give you a little help. Some might call it a slap to the head, tough:

I'll take the hint and step out of this thread now.

[BlueSkyDriveBy]

Originally Posted by dramaqueen

sorry- no need to curse

It's all good.




But all this Emeryville/Pixar talk has put me in the mood for Swedish Meatballs and Lingonberry Sauce!

[JiminyCricketFan]

Originally Posted by disneytim

Question: Does Pixar still keep it's autonomy, it's "name-above-the-title" so to speak? or will all the material pumped out of their studio be rubber-stamped "DISNEY," period?

In an interview with both Steve Jobs and Bob Iger, they stated that both "brands" are attractive in the market. Steve pointed out that all their movies have been released as "Disney-Pixar." He said that he did not expect that to change.

[OogieBoogie]

Originally Posted by BlueSkyDriveBy

It's all good.




But all this Emeryville/Pixar talk has put me in the mood for Swedish Meatballs and Lingonberry Sauce!

So you are going to ikea?