Tech Shout!

On Tuesday, Disney announced that it would be buying Pixar in an all-stock deal worth $7.4 billion. The deal also positions Apple and Pixar CEO Steve Jobs on a seat on Disney’s Board of Directors.

In a statement president and CEO of The Walt Disney Company Robert A Iger said, The addition of Pixar significantly enhances Disney animation, which is a critical creative engine for driving growth across our businesses. He continued, 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.

As per an agreement between the companies, Pixar Chairman and CEO Steve Jobs will be appointed to Disney’s Board of Directors as a non-independent member. Pixar President Ed Catmull will take the post of President of the new Pixar and Disney animation studios, reporting to Iger and Dick Cook, Chairman of The Walt Disney Studios.

In addition, Pixar Executive Vice President John Lasseter will be Chief Creative Officer of the animation studios, as well as Principal Creative Advisor at Walt Disney Imagineering.

The deal puts a full-stop to the enduring battle between Disney and Pixar, which has jeopardized their relationship.

Steve Jobs said, Disney and Pixar can now collaborate without the barriers that come from two different companies with two different sets of shareholders. Jobs added, Now, everyone can focus on what is most important, creating innovative stories, characters and films that delight millions of people around the world.