It’s official: DISNEY BUYS PIXAR

dispix1.gifMore to come…the announcement is official: Disney is buying Pixar in an all-stock transaction worth $7.4 billion.

An investor conference call will take place at approximately 5:15 p.m. EST…go here for link.

Some major points of the deal:

– 2.3 Disney shares will be issued for each Pixar share. The transaction value is $7.4 billion

– Ed Catmull will be the president of the combined Pixar and Disney Animation Studios; John Lasseter named Chief Creative Officer

– Steve Jobs to join Disney’s board

– With the addition of Jobs, 11 of Disney’s 14 directors will be independent. Both Disney and Pixar animation units will retain their current operations and locations.

– Bob Iger’s take: “This investment significantly advances our strategic priorities, which include — first and foremost — delivering high-quality, compelling creative content to consumers, the application of new technology and global expansion to drive long-term shareholder value.”

For our full coverage of the deal, read our dedicated “Disney” section

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