Steve Jobs is one hell of a negotiator it seems. A week ago the news of Disney buying Pixar broke and the price tag was around $6.7 billion. Apparently not. The deal has closed at $7.4 billion. That works out to over $100 million a day in prolonged negotiations. I guess now Disney people know how Apple employees feel. Paul La Monica reports that Disney will give 2.3 shares for each Pixar share, about $59.78 a share, or a 4% premium to Pixar’s current stock price. Jobs will also sit on Disney’s board. The deal is getting thumbs up from Wall Street.
Michael Cuggino, a fund manager who owns about 100,000 shares of Disney in the Permanent Portfolio and Permanent Portfolio Aggressive Growth funds … says that the… the addition of Jobs, who will also become Disney’s largest individual shareholder, to Disney’s board could mean that more innovative digital deals could be in the works. “Jobs is a dynamic personality who knows consumer electronics. It’s an opportunity to bring some youthful energetic thinking to Disney’s board.”
May I wish someone calls me youthful and energetic when I am past the half-century mark, which is going to come around in 2017!
Update: Owen Thomas says that for now, Steve is only partially voting in favor of the deal.
Does that mean he’s 10% against the deal? Or does he just want to leave the outcome in doubt until the final moment, creating a Macworld Expo-like moment of suspense? “One more thing …”