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Disney Completes Pixar Acquisition

Disney has completed its acquisition of Pixar animation Studios as Pixar shareholders approved the takeover of the company today (May 5, 2006) in an all-stock deal valued at more than $7.4 billion as 2.3 Disney shares will be issued for each Pixar share. The vote was taken at a special meeting of shareholders in San Francisco presided over by Pixar cfo Simon Bax.

Dr. Ed Catmull, previously Pixar president, will be president of the new Pixar and Disney animation studios, reporting to Robert A. Iger, president/ceo The Walt Disney Co. and Dick Cook, chairman of The Walt Disney Studios.

John Lasseter, previously Pixar's evp is now cco of the animation studios, reporting directly to Iger. Lasseter will also be principal creative advisor at Walt Disney Imagineering, where he will provide his expertise in the design of new attractions for Disney theme parks around the world.

Steve Jobs, previously Pixar chairman/ceo, has joined Disneys board of directors as a non-independent member. With Jobs on the board, 11 of Disneys 14 directors are independent.

For the last 15 years, Disney and Pixar have shared one of the most successful partnerships in entertainment history, Iger said. From TOY STORY through THE INCREDIBLES, the success of these animated films was due to the creativity, innovation and immense talent of the phenomenal Pixar team, led by Steve, Ed and John. We also fully recognize that Pixars extraordinary record of achievement is in large measure due to its vibrant creative culture, which is something we respect and admire and are committed to supporting and fostering in every way possible. As we begin the next chapter, all of us at Disney are pleased to welcome the incredibly talented Pixar team to our company to continue to create quality entertainment for audiences to enjoy around the world.

The Walt Disney Co, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise with four business segments: media networks, parks and resorts, studio entertainment and consumer products. Disney is a Dow 30 company, had annual revenues of nearly $32 billion in its most recent fiscal year, and a market capitalization of approximately $54 billion as of May 4, 2006.