Disney to buy Pixar for $7.4 billion
LOS ANGELES (Reuters) - The Walt Disney Co has agreed to acquire Pixar Animation Studios in an all-stock transaction worth $7.4 billion expected to be completed by this summer, Disney said on Tuesday.
Pixar Chief Executive Steve Jobs will join Disney's board of directors. Under the agreement, 2.3 Disney shares will be issued for each Pixar share.
Pixar President Ed Catmull will serve as president of the combined Pixar and Disney animation studios, Disney said. Pixar Executive Vice President John Lasseter will be chief creative officer of the animation studios.