Disney buys Pixar; Steve Jobs to join board of directors

The Walt Disney Co. today announced that it is acquiring longtime partner Pixar, the animation studio headed by Apple CEO Steve Jobs. As part of the $7.4 billion deal, Jobs becomes Disney’s largest shareholder and will take a position on the company’s board.

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

Since word of the possible deal leaked last week, several analysts and industry pundits have weighed in on what the agreement will mean for Apple. It is widely believed that Jobs will use his powerful new position at Disney to offer more content for the video iPod. The media conglomerate owns a bounty of potential offerings, including the ABC and ESPN network channels, Touchstone Pictures and Miramax Films, among others.

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