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LOS ANGELES - The Walt Disney Co. said Tuesday it is buying longtime partner Pixar Animation Studios Inc. for $7.4 billion in stock in a deal that could restore Disney‚Äôs clout in animation while vaulting Pixar CEO Steve Jobs into a powerful role at the media conglomerate.
Disney‚Äôs purchase of the maker of the blockbuster films ‚ÄúToy Story‚ÄĚ and ‚ÄúFinding Nemo‚ÄĚ would make Jobs Disney‚Äôs largest shareholder. Jobs, who owns more than half of Pixar‚Äôs shares and also heads Apple Computer Inc., will become a Disney director.
‚ÄúWith this transaction, we welcome and embrace Pixar‚Äôs unique culture, which for two decades, has fostered some of the most innovative and successful films in history,‚ÄĚ Disney Chief Executive Robert A. Iger said in a statement....