Walt Disney Co. Chief Executive Officer Robert Iger decided to buy Pixar while watching a parade at the opening of Hong Kong Disneyland, he said.
Disney, home of Mickey Mouse, Snow White and Cinderella, hadn't created any recognizable animated characters in the past decade, Iger said at a Bear Stearns & Co. media conference broadcast on the Internet. The recent animated characters in the parade were from Pixar, Steve Jobs' animation studio, which Iger agreed in January to buy for $7.4 billion.
"It really hit me hard that we had had 10 years of real failure," Iger said. "Keeping animation strong is incredibly vital."