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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 Disneyâ€™s clout in animation while vaulting Pixar CEO Steve Jobs into a powerful role at the media conglomerate.
Disneyâ€™s purchase of the maker of the blockbuster films â€śToy Storyâ€ť and â€śFinding Nemoâ€ť would make Jobs Disneyâ€™s largest shareholder. Jobs, who owns more than half of Pixarâ€™s shares and also heads Apple Computer Inc., will become a Disney director.
â€śWith this transaction, we welcome and embrace Pixarâ€™s unique culture, which for two decades, has fostered some of the most innovative and successful films in history,â€ť Disney Chief Executive Robert A. Iger said in a statement....