Pixar to End Talks with Disney
Emeryville, CA – January 29, 2004 – Pixar today said that it is ending its discussions with The Walt Disney Company to extend their existing five-picture deal, and will begin discussions with other studios to distribute its films beginning in 2006. After completing the final two films under the current agreement with Disney, The Incredibles in 2004 and Cars in 2005, Pixar intends to retain full ownership of its future productions.
“After ten months of trying to strike a deal with Disney, we’re moving on,” said Pixar CEO Steve Jobs. “We’ve had a great run together – one of the most successful in Hollywood history – and it’s a shame that Disney won’t be participating in Pixar’s future successes”…
Under the terms of the existing agreement, Disney will retain the rights to distribute Pixar’s first seven films, with Pixar continuing to receive its current share of the profits in perpetuity; and Disney will have the rights to solely finance and produce sequels to the films if Pixar declines to co-finance and produce them under the terms of the current agreement.
To date, Pixar’s five films have earned more than $2.5 billion at the worldwide box office and sold over 150 million DVDs and videos.