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January 24, 2006
The Walt Disney Co. Acquires Pixar Animation
After months of negotiations, the Walt Disney Company has agreed to buy Pixar Animation. "The addition of Pixar significantly enhances Disney animation, which is a critical creative engine for driving growth across our businesses," Disney Chief Executive Robert Iger said in a press release. Under the terms of the deal, Pixar Chief Executive Steve Jobs will take a seat on the Disney board. The purchase is expected to be completed this summer.
The Walt Disney Co. headquarters building in Burbank, Calif., was renamed Monday as "Team Disney -- The Michael D. Eisner Building." Disney Chairman George Mitchell said the board of directors voted unanimously to name the building for Eisner.
A new ride called Expedition Everest is opening at Disney World's Animal Kingdom in Orlando in April, but New Yorkers will get a peek at the excitement when Disney brings a preview to Times Square next month.
The Walt Disney Co. is in serious talks to buy Pixar Animation Studios Inc., the maker of the hit movies "Toy Story" and "Finding Nemo" among others, following months of exploring how to continue their profitable film distribution partnership, The Wall Street Journal reported Thursday.
Citing unnamed people familiar with the plan, the Journal said Disney would pay a nominal premium to Pixar's current market value of $6.7 billion under the deal being discussed in a stock transaction that would make Pixar chief executive Steve Jobs the largest individual shareholder in Disney.
The Walt Disney Co. denied a news report Tuesday that said Beijing hopes to build a Disney theme park by 2010. "Media reports that claim Disney is building a park in Beijing are inaccurate and not based on fact. Disney has no plans to build a park in Beijing at this time," Disney said in a statement.
Michael Eisner, former chief executive of The Walt Disney Co., received $10.1 million in compensation last year, including a $9.1 million cash bonus, according to the company's annual proxy statement filed Wednesday. Eisner left the company on Oct. 1 after serving as CEO for 21 years. He was succeeded by Robert Iger, who serves as president and CEO. Iger received total compensation of $9.7 million in 2005, including a cash bonus of $7.7 million. He will be paid an annual salary of $2 million, plus a cash bonus in his new role. Eisner was also paid an additional $1 million, the salary he would have received if he had served through the end of his contract, which would have expired this October. He will also continue to receive an annual bonus of $7.5 million through 2008, in accordance with the terms of his employment agreement, the filing said.
Walt Disney Co., the world's largest theme-park operator, set a holiday-season attendance record at its Walt Disney World resort in Florida. "Parks had a great holiday season," Chief Financial Officer Thomas Staggs, 45, said Tuesday at a Citigroup media conference in Phoenix. In attendance, "we actually set a record at Walt Disney World."
Michael Eisner, former chief of the Walt Disney Co., will become host of his own CNBC interview program that will be seen once every two months, the network said Tuesday. "Conversations with Michael Eisner" will be an hour-long, prime-time show where Eisner speaks with business, entertainment or political leaders. His focus will be on creativity and innovation, he said. He'll work from a studio at NBC Universal headquarters in Rockefeller Center, where he once worked as a page. Eisner was an ABC executive before moving up the corporate ladder, and he was familiar to TV viewers as the on-air host of "The Wonderful World of Disney."
Just 12 days after Bob Iger became CEO of Walt Disney Co., he made a splash by agreeing to let Apple sell ABC's television shows over the Internet. Iger intends to be an early adopter as he guides the $31-billion-a-year Disney into the digital world. "Bob has Disney in the lead right now," says Lowell Singer, an analyst with S.G. Cowen & Co. "He's doing the most out-of-the-box thinking in the media sector." Disney's rivals have quickly followed -- NBC has put Law & Order and Late Night With Conan O'Brien on iTunes, CBS has licensed Survivor to Comcast for video-on-demand, and Sprint Nextel has formed a joint venture with four big cable operators that will deliver streaming cable channels to your cellphone. Hollywood is once again abuzz about broadband entertainment, multiplatform plays, the "third screen" (meaning the cellphone) and that old standby, convergence.
13th Annual Epcot International Flower & Garden Festival
Donald and Daisy topiaries cruise through a floral tunnel of love while topiaries of Cinderella and Prince Charming "waltz" amid blossoms and greenery. Disney "sweetheart" topiaries based on decades of happily-ever-after classic stories add romance and whimsy to the 13th annual Epcot International Flower & Garden Festival April 21-June 11 at Walt Disney World Resort.
Pixar Animation Studios shares soared to a record high Wednesday amid speculation that the company behind "Finding Nemo" and "The Incredibles" is on the verge of a new deal with — and possibly sale to — longtime partner Walt Disney Co. The nearly 8% jump in Pixar's stock, to $58.16 a share, comes as Chief Executive Steve Jobs and Disney Chief Executive Robert Iger have been negotiating to extend their companies' long-term distribution pact that ends this summer with the release of Pixar's "Cars." Recent talks have focused increasingly on Disney acquiring part or all of Pixar, two sources close to the matter said Wednesday. In that scenario, Jobs would become a major Disney shareholder and possibly the company's chairman. The sources would not speak on the record because talks were ongoing.
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