Pixar’s board of directors has approved Disney’s offer to acquire the company for $7.4 billion, the Los Angeles Times reports. Under the deal, Pixar CEO Steve Jobs will join Disney’s board and will become the combined company’s largest shareholder. John Lasseter, the director of "Toy Story" and Pixar’s chief creative officer "will be chief creative officer of both animation studios and will advise Walt Disney Imagineering on the design of new attractions for Disney theme parks." Pixar’s shareholders must still approve the deal however.
"Disney and Pixar can now collaborate without the barriers that come from two different companies with two different sets of shareholders," Jobs said in a statement. "Now, everyone can focus on what is most important, creating innovative stories, characters and films that delight millions of people around the world."
The distribution agreement between the two companies is to end with the forthcoming "Cars."