Disney issued a press release today announcing that they were acquiring Pixar in an all-stock transaction valued at $7.4 billion. According to the press release: Pixar President Ed Catmull will serve as President of the new Pixar and Disney animation studios, reporting to Iger and Dick Cook, Chairman of The Walt Disney Studios. Pixar Executive Vice President John Lasseter will be Chief Creative Officer of the animation studios, as well as Principal Creative Advisor at Walt Disney Imagineering, where he will provide his expertise in the design of new attractions for Disney theme parks around the world, reporting directly to Iger. Meanwhile, Pixar Chairman and CEO Steve Jobs will be appointed to Disney's Board of Directors. Steve Jobs is the present CEO of Apple Computer and there has been speculation about what consequences his new ties to Disney may have. Indeed, bringing Apple and Disney closer together with Jobs' involvement may cause some friction in future potential deals between Apple and other studios.