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Eisner Sees Disney-Pixar Deal Continuing
By GARY GENTILE, AP Business Writer
LOS ANGELES - Disney chairman Michael Eisner said Tuesday he expects his company's deal with Pixar Animation Studios makers of the hit movie "Finding Nemo"_ to continue, although the terms will almost certainly shift in Pixar's favor.
Eisner said the current deal, in which Disney splits the production cost of movies evenly with Pixar, but gets more than 60 percent of the profits as well as full ownership of the films and sequel rights, made sense at the time it was drafted.
"That's been a very good deal for the Disney shareholders," Eisner said.
He made his comments at a meeting of financial analysts in New York sponsored by the investment firm of Sanford C. Bernstein & Co. The conference was also broadcast over the Internet.
"We have a very good relationship with Pixar. I think a better relationship today than we had on Friday," Eisner quipped.
The Pixar undersea adventure film, distributed by Disney, debuted on Friday and earned $70.3 million in its opening weekend the highest ever for an animated picture.
Pixar has been talking to other studios about a new distribution deal that would allow it to own its own films and pay another studio a distribution fee. Pixar still owes Disney two more movies, the last of which will be delivered in 2006.
Eisner conceded that a new deal between Disney and Pixar would be less favorable to Disney.
"I suspect we will change the kind of relationship we have with Pixar, but I am fairly confident we will continue to be in business with them," Eisner said. "I'm not sure. It's a win-win for us and it's a win-win for Pixar, so I think at the end of the day, we'll get together."
Pixar's films have done far better than any animated film produced by Disney over the past few years. Eisner said that while Disney has its own computer-animated films in the works and has the technology to compete even if Pixar strikes a deal with another studio, it lacks one key ingredient.
"What Pixar has that we don't have is John Lasseter," Eisner said.
Lasseter is the creative force at Pixar who directed both "Toy Story" films and "A Bug's Life." He will also direct Pixar's next film for Disney, "Cars," due out in 2005. He was a former Disney animator.
Asked about owning sports franchises, Eisner repeated his stance that corporations don't make good owners of sports teams.
Disney sold its championship Anaheim Angels team earlier this year and is seeking a buyer for its Mighty Ducks hockey team, which is playing in the National Hockey League championships.
"If we win the Stanley Cup, that will be a $10 million premium for anyone who wants to buy the Ducks," Eisner joked. "If not, we can make a deal out in the hall."
By GARY GENTILE, AP Business Writer
LOS ANGELES - Disney chairman Michael Eisner said Tuesday he expects his company's deal with Pixar Animation Studios makers of the hit movie "Finding Nemo"_ to continue, although the terms will almost certainly shift in Pixar's favor.
Eisner said the current deal, in which Disney splits the production cost of movies evenly with Pixar, but gets more than 60 percent of the profits as well as full ownership of the films and sequel rights, made sense at the time it was drafted.
"That's been a very good deal for the Disney shareholders," Eisner said.
He made his comments at a meeting of financial analysts in New York sponsored by the investment firm of Sanford C. Bernstein & Co. The conference was also broadcast over the Internet.
"We have a very good relationship with Pixar. I think a better relationship today than we had on Friday," Eisner quipped.
The Pixar undersea adventure film, distributed by Disney, debuted on Friday and earned $70.3 million in its opening weekend the highest ever for an animated picture.
Pixar has been talking to other studios about a new distribution deal that would allow it to own its own films and pay another studio a distribution fee. Pixar still owes Disney two more movies, the last of which will be delivered in 2006.
Eisner conceded that a new deal between Disney and Pixar would be less favorable to Disney.
"I suspect we will change the kind of relationship we have with Pixar, but I am fairly confident we will continue to be in business with them," Eisner said. "I'm not sure. It's a win-win for us and it's a win-win for Pixar, so I think at the end of the day, we'll get together."
Pixar's films have done far better than any animated film produced by Disney over the past few years. Eisner said that while Disney has its own computer-animated films in the works and has the technology to compete even if Pixar strikes a deal with another studio, it lacks one key ingredient.
"What Pixar has that we don't have is John Lasseter," Eisner said.
Lasseter is the creative force at Pixar who directed both "Toy Story" films and "A Bug's Life." He will also direct Pixar's next film for Disney, "Cars," due out in 2005. He was a former Disney animator.
Asked about owning sports franchises, Eisner repeated his stance that corporations don't make good owners of sports teams.
Disney sold its championship Anaheim Angels team earlier this year and is seeking a buyer for its Mighty Ducks hockey team, which is playing in the National Hockey League championships.
"If we win the Stanley Cup, that will be a $10 million premium for anyone who wants to buy the Ducks," Eisner joked. "If not, we can make a deal out in the hall."
