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Official: Disney Buys Pixar for $7.4 Billion - Steve Jobs Joins Disney's Board

Jan 25 2006, 1:34am EST | by

Official: Disney Buys Pixar for $7.4 Billion - Steve Jobs Joins Disney's Board
 
 

Disney officially announced the purchase of Pixar Animation Studios. We reported about the acquisition plans on Sunday.

In an all-stock transaction, expected to be completed by this summer, 2.3 Disney shares will be issued for each Pixar share. Based on Pixar's fully diluted shares outstanding, the transaction value is $7.4 billion ($6.3 billion net of Pixar's cash of just over $1 billion, Based on Disney's closing share price of $25.52 as of 1/23/06).

Pixar Chairman and CEO Steve Jobs will be appointed to Disney's Board of Directors as a non-independent member. With the addition of Jobs, 11 of Disney's 14 directors will be independent.

"Disney and Pixar can now collaborate without the barriers that come from two different companies with two different sets of shareholders," said Jobs. "Now, everyone can focus on what is most important, creating innovative stories, characters and films that delight millions of people around the world." Pixar's 20-year track record includes the hits Toy Story, Toy Story 2, A Bug's Life, Monsters, Inc., Finding Nemo and The Incredibles. All Pixar movies.

More details in this Disney press-release.

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Luigi Lugmayr (Google) is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.

 

 

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