BURBANK, Calif. & EMERYVILLE, Calif.--(BUSINESS WIRE)--Jan. 24, 2006--The Walt Disney Company (NYSE: DIS
- Ed Catmull Named President of the Combined Pixar and Disney Animation Studios and John Lasseter Named Chief Creative Officer; Steve Jobs to Join Disney's Board of Directors
- Disney Increases Stock Repurchase Authorization
Furthering its strategy of delivering outstanding creative content, Robert A. Iger, President and Chief Executive Officer of The Walt Disney Company (NYSE: DIS
), announced today that Disney has agreed to acquire computer animation leader Pixar (NASDAQ: PIXR
) in an all-stock transaction, expected to be completed by this summer. 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)(a).