Pixar
Pixar Animation Studios, commonly referred to as Pixar (), is an American computer animation film studio based in Emeryville, California, that is a subsidiary of Walt Disney Studios, owned by the Walt Disney Company. Pixar began in 1979 as the Graphics Group, part of the Lucasfilm computer division, before its spin-out as a corporation in 1986, with funding by Apple Inc. co-founder Steve Jobs, who became the majority shareholder. Disney purchased Pixar in 2006 at a valuation of $7.4 billion by converting each share of Pixar stock to 2.3 shares of Disney stock, a transaction that resulted in Jobs becoming Disney's largest single shareholder at the time. Pixar is best known for CGI-animated feature films created with RenderMan, Pixar's own implementation of the industry-standard RenderMan image-rendering application programming interface, used to generate high-quality images.
Walt Disney Animation Studios
With Iger in place as the new CEO of Disney, Steve Jobs resumed negotiations for Pixar with Disney. On January 24, 2006, Disney announced that it would acquire Pixar for $7.4 billion in all stock deal, with the deal closing that May. and the Circle 7 studio launched to produce "Toy Story 3" was shut down, with most of its employees returning to Feature Animation and "Toy Story 3" returning to Pixar's control. As part of the acquisition, Edwin Catmull and John Lasseter were named President and Chief Creative Officer, respectively, of Feature Animation as well as Pixar.