Disney Board Approves Pixar Buyout
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Disney's board late Monday cleared the way for CEO Robert Iger to complete a proposed acquisition of Pixar for $7.4 billion in stock. The deal makes Steve Jobs the single largest individual Disney shareholder and gives the Apple CEO a company board seat. Pixar animation guru John Lasseter will become Chief Creative Officer.
Rumors of a potential buyout surfaced last week after months of discussions between the two companies that started with renegotiating Disney's contract to distribute Pixar's films. Disney has been struggling to find success at the box office while Pixar continues to break records with each new animated feature.