The purchase has made Pixar Chief Executive Officer (CEO) Steve Jobs the biggest individual shareholder in Disney.
Disney's lucrative distribution deal with the studio behind hit movies Toy Story, The Incredibles and Finding Nemo was set to be terminated at the end of the year—after the partners failed to agree on how to split profits.
However, Robert Iger has pulled off a major coup after Jobs fell out with previous Disney boss Michael Eisner and promised to walk away from their partnership following the release of upcoming feature Cars.
Jobs says, "Disney and Pixar can now collaborate without the barriers that come from two different companies with two different sets of shareholders."
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