As it has been rumoured earlier this week, it is now reported that the board members of Disney have agreed today to buy Pixar for about $7.4 billion.
The company, which is owned by Apple’s CEO, Steve Jobs became famous with Toy Story and Toy Story 2 and kept the momentum going higher and higher with further movies like Finding Nemo and The Incredible.
Pixar has been distributed by Disney for years, but the two companies had not been in very good terms since the beginning of the decade. Pixar finally signed again with Disney for its latest movies while Dinsey’s former CEO, Michael Eisner had just left the board.
By the way, Steve Jobs will earn more than $3.5 billion by selling his shares to Disney and will be the biggest shareholder of the entertainment giant.
Pixar’s stock (PIXR) closed down 1.2% at $57.57 and is now trading at $59 (up 2.48%) during the after hours session while Disney’s stock (DIS) closed at $25.99 (up 1.84%) and is trading slightly lower at $25.94 (down 0.19%) in the after hours session.