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In
a move that can only strengthen Disney's hold on the animation
sphere the media conglomerate has announced that it will acquire
Pixar for $7.4 billion.
As
part of the deal Disney's own animation studio will be merged
with Pixar. In the past Pixar and Disney made hits like A
Bug's Life, Toy Story and Finding Nemo.
However there had been disagreements betwen former Disney
chief Michael Eisner and Pixar CEO Steve Jobs. That had left
the distribution of Pixar's future films after the release
Cars in doubt. However Robert Iger who took over from Eisner
had been making serious efforts at mending the fences.
Pixar
president Ed Catmull will serve as president of the new Pixar
and Disney animation studios. Pixar's creative lead, John
Lasseter will be chief creative officer of the animation studios,
and will also be an adviser in the design of new attractions
for Disney theme parks around the world. Lasseter will report
directly to Iger. Jobs becomes Disney's largest shareholder
in the company with a seven per cent stake worth a reported
$ 3.5 billion.
Iger
says, "With this transaction, we welcome and embrace
Pixar's unique culture, which for two decades has fostered
some of the most innovative and successful films in history".
Jobs
says, "Disney and Pixar can now collaborate without the
barriers that come from two different companies with two different
sets of shareholders. Now, everyone can focus on what is most
important, creating innovative stories, characters and films
that delight millions of people around the world."
Jobs
and Iger spent a lot of time discussing how to preserve Pixar's
free-wheeling creative culture, which both described as the
key to its unbroken box office success.
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