Short Take: Disney teams up with Pixar

Walt Disney Studios and Pixar have agreed to jointly produce 5 movies over the next 10 years, according to Michael Eisner and Steve Jobs, chairmen and chief executive officers of Disney and Pixar. The two studios will be equal partners on the five pictures and related products, including home videos, merchandise, interactive media products, and made-for-video sequels, a statement issued by the companies said. Disney will purchase 1 million shares of Pixar's common stock at $15 a share; it also will receive warrants to purchase an additional 1.5 million shares of Pixar common stock at higher prices. If all the warrants are exercised, Disney will own approximately five percent of Pixar.