The Walt Disney Co. announced Friday evening that it has completed its acquisition of computer animation juggernaut Pixar Animation Studios. The announcement was made by head Mouseketeer Robert A. Iger, who touted the move as a major step toward leading the industry in the field of feature animation. In the all-stock transaction, 2.3 Disney shares will be issued for each Pixar share.
As previously reported, Pixar president Ed Catmull will serve as president of the new Pixar and Disney animation studios, reporting to Iger and Dick Cook, chairman of The Walt Disney Studios. Acclaimed director and producer John Lasseter will drop the exec VP role at Pixar for the title of chief creative officer of the combined animation outfits, and will also be the principal creative advisor at theme-park attraction factory Walt Disney Imagineering. Steve Jobs, previously chairman and CEO of Pixar, has joined Disney’s Board of Directors as a non-independent member.
“For the last 15 years, Disney and Pixar have shared one of the most successful partnerships in entertainment history,” Iger comments. “From Toy Story through The Incredibles, the success of these animated films was due to the creativity, innovation and immense talent of the phenomenal Pixar team, led by Steve, Ed and John. We also fully recognize that Pixar’s extraordinary record of achievement is in large measure due to its vibrant creative culture, which is something we respect and admire and are committed to supporting and fostering in every way possible.’
At Disney’s annual shareholder meeting in March, Iger stated that Disney was committed to building upon the legacy of Walt Disney and has made animation its top priority. However, we’re still waiting to see if the Pixar crew will tackle a feature-length outing for Oswald the Lucky Rabbit, Walt’s very first cartoon character, which was recently re-acquired from rights holder NBC/Universal after nearly 80 years.
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