By John Borland and Ina Fried
Staff Writer, CNET

Published: January 25, 2006, 1:00 PM PST

When Steve Jobs announced the $7.4 billion merger of his Pixar Animation Studios with Disney on Tuesday, he said the two companies could finally move beyond their "two separate sets of shareholders and two different agendas."
But in fact, there are three companies in that equation. Left mostly unsaid throughout the merger celebrations was exactly how Jobs would balance his new role as board member at Disney and his job as chief executive of Apple Computer.
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