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Disney to give Pixar's Lasseter 'greenlight' power
Alex Armitage | Bloomberg News Posted January 27, 2006
Pixar's John Lasseter, creator of the Toy Story movies, will have authority to approve production of animated films at Walt Disney Co. after Disney completes its $7.4 billion purchase of Pixar this year.
Lasseter, 49, who will be chief creative officer of the combined Disney and Pixar animation studios, will have so-called "greenlight" authority, Disney said in a filing with the Securities and Exchange Commission. Lasseter's decisions will be subject to approval by Disney Chief Executive Officer Robert Iger, 54.
The purchase agreement filed Thursday outlines the companies' plans to preserve Pixar's independence, which Iger this week pegged as key to continuing the studio's run of box-office successes.
The protections range from practical, such as setting up a committee to protect Pixar's culture, to symbolic, such as retaining the "Pixar" sign on the Emeryville, Calif.-based studio's front gate.
"It's imperative for us to see to it that their culture is maintained," Iger said Tuesday. "Creativity is most important, as I've been saying since I came to the job."
For the time being, at least, it appears that Disney has locked up Lasseter's services for only the next five years. In the SEC filing, Iger said Disney would pick up the animation guru's current 10-year contract, which expires in 2011. Lasseter is the only Pixar senior executive with an employment contract.
The transition committee will include Pixar Chief Executive Officer Steve Jobs, 50, who joins Disney's board under the purchase announced Tuesday.
He will be joined by Lasseter, Pixar President Ed Catmull, Iger, Walt Disney Studios Chairman Richard Cook and Disney Chief Financial Officer Tom Staggs.
The group will meet once every other month at Pixar's headquarters.
Alex Armitage | Bloomberg News Posted January 27, 2006
Pixar's John Lasseter, creator of the Toy Story movies, will have authority to approve production of animated films at Walt Disney Co. after Disney completes its $7.4 billion purchase of Pixar this year.
Lasseter, 49, who will be chief creative officer of the combined Disney and Pixar animation studios, will have so-called "greenlight" authority, Disney said in a filing with the Securities and Exchange Commission. Lasseter's decisions will be subject to approval by Disney Chief Executive Officer Robert Iger, 54.
The purchase agreement filed Thursday outlines the companies' plans to preserve Pixar's independence, which Iger this week pegged as key to continuing the studio's run of box-office successes.
The protections range from practical, such as setting up a committee to protect Pixar's culture, to symbolic, such as retaining the "Pixar" sign on the Emeryville, Calif.-based studio's front gate.
"It's imperative for us to see to it that their culture is maintained," Iger said Tuesday. "Creativity is most important, as I've been saying since I came to the job."
For the time being, at least, it appears that Disney has locked up Lasseter's services for only the next five years. In the SEC filing, Iger said Disney would pick up the animation guru's current 10-year contract, which expires in 2011. Lasseter is the only Pixar senior executive with an employment contract.
The transition committee will include Pixar Chief Executive Officer Steve Jobs, 50, who joins Disney's board under the purchase announced Tuesday.
He will be joined by Lasseter, Pixar President Ed Catmull, Iger, Walt Disney Studios Chairman Richard Cook and Disney Chief Financial Officer Tom Staggs.
The group will meet once every other month at Pixar's headquarters.
