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Disney to buy Pixar for $7.4 billion

Under the agreement, expected to close this summer, Pixar Chief Executive Steve Jobs will join Disney's board of directors.

DNA Web Team

Updated : Nov 19, 2013, 11:17 PM IST

LOS ANGELES: Walt Disney Co on Tuesday said it has agreed to acquire Pixar Animation Studios in a $7.4 billion all-stock transaction that brings the leader in computer animation under the banner of the world's most famous name in cartoons.

Under the agreement, expected to close this summer, Pixar Chief Executive Steve Jobs will join Disney's board of directors.

“The price tag is a little more than people were expecting,” said McAlpine Associates analyst Dennis McAlpine.

Disney locked up the creative talents of Pixar by installing Pixar's president and co-founder, Ed Catmull, as president of the combined Pixar and Disney animation studios, and Pixar's creative director John Lasseter as chief creative officer of the combined animation studios.

Lasseter will also become the principal creative director of the Walt Disney Imagineering group, which designs theme park attractions.

Both boards of directors have approved the deal, which calls for 2.3 Disney shares to be issued for each Pixar share.

“The addition of Pixar significantly enhances Disney animation, which is a critical creative engine for driving growth across our businesses,” Disney Chief Executive Robert Iger said while announcing the deal.

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