On Friday, May 5th, Pixar Animation shareholders voted overwhelmingly in favour of allowing the Walt Disney Company to buy their shares, thus ending Pixar's existence as an independent animation studio. Shareholders received 2.3 shares in Disney stock for every Pixar share they owned. Disney also gave Pixar chairman Steve Jobs 7% of the company, making him Disney's largest shareholder.
Friday's decision ended a bitter, year-long battle between Pixar and Disney, sparked by Disney's controversial decision to end its distribution deal with the studio. Prior to this, Pixar had provided Disney with some of its biggest animation hits of the past decade, including Toy Story, Finding Nemo, and The Incredibles. At one point, Disney had tried to put together its own CG facility, delayed the release of the Pixar film Cars, and released its own animated film Chicken Little to underwhelming reception.
