Disney swaps stock for Pixar; Jobs is largest Disney stockholder
Britain's Torygraph newspaper is reporting that Disney has bought Pixar in an all-stock deal. Pixar had run out its deal to deliver movies for Disney distribution and was set to strike out on its own; in retaliation, Disney shut down it traditional animation division and replaced it with a CGI division that was every bit as lacklustre as the traditional animation division. Now it's gone ahead and bought Pixar from Steve Jobs, leaving him the single largest stockholder in Disney (!).

The all-share deal will make Steve Jobs, the chief executive of Apple, around $3.5bn and the single largest shareholder in Disney. Jobs created Pixar in 1986 when he paid $10m for the computer animations division of Lucasfilm, owned by Stars Wars creator George Lucas.