Walt Disney Co. released terms for taking out Pixar Animation Studios Inc. after the market’s close Tuesday that featured a 3.8 percent premium in an all-stock deal valued at $7.4 billion.

The agreement also brings Pixar chairman and CEO Steve Jobs to the Disney board as a non-independent member and not only elevates Pixar creative executive John Lasseter to chief creative officer of both animation studios but makes him principal creative adviser at Walt Disney Imagineering.

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