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Pixar Agrees with Disney

Published January 24, 2006 in Industry News
By Ryan Parsons | Image from Pixar
Pixar The Pixar Team
We have been keeping close tabs on the Disney/Pixar negotiations first with Disney and Pixar Kiss and Makeup, then Disney Still Wants Pixar, and finally Disney Moves for Pixar. Now, the first thing you may notice about all these articles (including this one) is that we used the same exact image for each one. But never mind all that right now, we have some important information here!

After much dancing around and negotiations, the Pixar board has finally agreed to the offer laid down by Disney.

Disney Sends Offer to Pixar

Business Week, one of my favorite magazines that I suggest to those interested in entertainment, technology and straight up business, posted one of the first updates that confirms Pixar has agreed to the offer laid down by Disney and Bob Iger. However, don't expect an immediate resolution on the deal between the two picture houses.

Shares of The Walt Disney Co. and Pixar jumped in aftermarket trading Tuesday after it was announced that the media giant will acquire the computer animation house.

Disney said after the bell it will exchange 2.3 of its shares for each share of Pixar, in a deal valued at $7.4 billion, or $6.3 billion net of the $1 billion cash Pixar holds.

Pixar Chief Executive Steve Jobs will join Disney's board, and Pixar President Ed Catmull will become president of the combined company's animation studios.

The deal, expected to close by the summer, needs approval of Pixar's shareholders. Jobs, who owns approximately 50.6 percent of the outstanding Pixar shares, agreed to vote a number of shares equal to 40 percent of the outstanding shares in favor of the transaction.

After trading in both companies was halted, Disney shares, which closed up 47 cents at $25.99 on the New York Stock Exchange, were up 16 cents at $26.15 on the INET electronic exchange. Shares of Pixar, which closed down 70 cents on the Nasdaq, rose $2.032, or 3.5 percent, to $59.60 on INET.

What does the permanent combination of Walt Disney Co. and Pixar mean? Well, most moviegoers should only care about the fact that Disney and Pixar will be able to continue to create the quality CG films they had done so long before their split in 2004.

Read the entire report on the agreement between Disney and Pixar over at Business Week.

Stay tuned for updates.

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Ryan Parsons
Sources: Image from Pixar

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