Disney has announced that it will buy Pixar, the successful animation studio majority owned by Apple's Steve Jobs, for $7.4 billion.
Responsible for hits including "A Bug's Life," "Toy Story," and "Finding Nemo," Pixar has distributed all of its feature films through Disney since its first movie in 1995. A falling-out between the two companies early last year had thrown the distribution of Pixar's future films, after the summer 2006 release "Cars," into some uncertainty.
As previously reported, Disney's board met on Monday, approving the offer to Pixar. Pixar's board met on Tuesday, and approved the offer.
Under the terms of the deal Jobs will take a Disney board seat. Pixar President Ed Catmull will serve as president of the new Pixar and Disney animation studios. Pixar's creative lead, John Lasseter will be chief creative officer of the animation studios, and will also be an adviser in the design of new attractions for Disney theme parks around the world. Lasseter will report directly to Disney CEO Bob Iger.