Walt Disney completes Pixar acquisition

05/08/06 - newratings.com

NEW YORK, May 8 (newratings.com) – The Walt Disney Co (DIS) completed its $7.4 billion all-stock acquisition of Pixar Animation Studios Inc, after the latter company’s shareholders Friday voted in favour of the transaction.

The deal makes Pixar Animation Studios a wholly owned subsidiary of the second-largest US media company. Pixar Animation Studios’ chief executive Steve Jobs, who has become the largest shareholder of the combined company with his 7% stake, has been named as a non-independent board member. Pixar Animation Studios would keep its brand name and continue to operate its animation studio in Emeryville. The deal boosts Burbank, California-based Walt Disney’s presence in the animation segment. Walt Disney’s share price rose 0.48% to $29.23 in after-hours trading on the NYSE on Friday, after having climbed 2.43% to close at $29.09.