Shareholders of Pixar Animation Studios Inc. Friday voted to approve the company’s acquisition by The Walt Disney Co. for $7.4 billion in stock.
The vote makes Pixar a wholly owned subsidiary of Disney and makes former Pixar Chief Executive Steve Jobs Disney’s single largest shareholder with about a 7 percent stake.
The deal is squarely aimed at restoring Disney’s luster as a leader in the animated film business. Disney’s own efforts have faltered over the past 10 years while Pixar’s films have been huge successes.