Pixar is a wholly owned subsidiary of Disney.
OK, I stand corrected however Pixar remains a standalone unit hopefully not subject to the whims and caprice of the Disney empire.
Acquisition by Disney
Disney announced on January 24, 2006 that it had agreed to buy Pixar for approximately $7.4 billion in an
all-stock deal. Following Pixar
shareholder approval, the acquisition was completed May 5, 2006. The transaction catapulted Steve Jobs, who was the majority shareholder of Pixar with 50.1%, to Disney's largest individual shareholder with 7% and a new seat on its board of directors.
[17] Jobs' new Disney holdings outpace holdings belonging to ex-CEO
Michael Eisner, the previous top shareholder who still held 1.7%, and Disney Director Emeritus
Roy E. Disney who held almost 1% of the corporation's shares.
As part of the deal, Lasseter, Pixar Executive
Vice President and co-founder, became
Chief Creative Officer (reporting to President and
CEO Robert Iger and consulting with Disney Director Roy Disney) of both Pixar and the
Walt Disney Animation Studios, as well as the Principal Creative Adviser at
Walt Disney Imagineering, which designs and builds the company's
theme parks.
[17] Catmull retained his position as President of Pixar, while also becoming President of Walt Disney Animation Studios, reporting to Bob Iger and
Dick Cook, chairman of
Walt Disney Studio Entertainment. Steve Jobs' position as Pixar's Chairman and Chief Executive Officer was also removed, and instead he took a place on the Disney
board of directors.
[18]
Lasseter and Catmull's oversight of both the Disney and Pixar studios did not mean that the two studios were merging, however. In fact, additional conditions were laid out as part of the deal to ensure that Pixar remained a separate
entity, a concern that analysts had about the Disney deal.
[19] Some of those conditions were that Pixar
HR policies would remain intact, including the lack of employment contracts. Also, the Pixar name was guaranteed to continue, and the studio would remain in its current
Emeryville, California location with the "Pixar" sign. Finally, branding of films made post-merger would be "Disney•Pixar" (beginning with
Cars).
[20]
Today,
Edwin Catmull serves as president of the combined Disney-Pixar animation studios, and
John Lasseter serves as the studios'
Chief Creative Officer. Catmull reports to
Robert Iger as well as
Walt Disney Studios chairman
Dick Cook. Lasseter, who has
greenlight authority on all new films, also reports to Iger as well as consulting with
Roy Disney.
[21]
Jim Morris, producer of
WALL-E, has been named general manager of Pixar. In this new position, Morris is in charge of the day-to-day running of the studio facilities and products.
[22]