Tuesday, May 09, 2006, 03:00 pm
Jobs\' stake in Disney valued at $4BApple Computer chief executive Steve Jobs was awarded shares of The Walt Disney Co. worth over $4 billion on May 5th, the day Disney's acquisition of Jobs' other company Pixar Animation Studios went into effect.
Disney's purchase of Pixar for $7.4 billion in stock was completed Friday, with Pixar shareholders receiving 2.3 shares of Disney stock in exchange for each of their Pixar shares.
Mr. Jobs, who owned 50.6 percent of Pixar, agreed earlier this year to vote 40 percent of those shares in favor of the merger.
According to a filing with the Securities and Exchange commission, Mr. Jobs traded in 60 million shares of Pixar for 138 million shares Disney, making him the entertainment conglomerates largest shareholder with 6.3 percent of Disney's outstanding stock.
At market value on the day the merger went into effect, those shares were worth more than $4 billion.
During Apple's annual shareholders meeting last month, Mr. Jobs said the sale of Pixar to Disney would allow him to spend more time at Apple.
As part of the deal, Mr. Jobs was elected a seat on Disney's Board of Directors.
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