PIXAR STOCK JUMPS

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Shares of Pixar Animation Studios reached a record $59.89 in midday trading Thursday, reflecting investor optimism following a Wall Street Journal report that the Emeryville, California firm may be bought by the Walt Disney Company.

Pixar shares climbed 2.8% to $58.87 at the close of Nasdaq Stock Market composite trading. Meanwhile, Disney stock rose 4.1% Thursday to $26.24 on the New York Stock Exchange.

The WSJ, citing anonymous sources, said that Disney would be offering a "nominal" premium to Pixar's current $6.7 billion market capitalization.

An unnamed person who has been briefed on the negotiations told the WSJ that the two firms are in "serious" discussions for Disney to buy some -- or all -- of Pixar. The deal may make Pixar CEO Steve Jobs the largest shareholder of Disney, and he may join the board of the Burbank, California-based entertainment giant.

"He would be a very different person to have on Disney's board,'' said media analyst Theresa Wise of Accenture Ltd. in London. "He's not a studio guy, a deal-doer. He's someone from a creative background."

"Iger is seen as someone much more able to build bridges and mend relationships with important partners, she said, adding that under CEO Michael Eisner, Disney "was almost ready to kill the golden goose, almost ready to part ways with Pixar because the relationship was so strained."

Negotiations are calling for a "nominal" premium to the $6.7 billion market value of Pixar, said the financial daily, citing people familiar with the talks.

"This is a situation that both sides would be satisfied with,'' said Peter Jankovskis, director of research at Oakbrook Investments LLC of Lisle, Illinois. The investment firm has over 700,000 Disney shares in its $1 billion under management.

Pixar spokesman Nils Erdmann declined to comment, while Disney spokeswoman Michelle Bergman did not return calls.

The outcome of the talks remains uncertain, and other options are possible, the Wall Street Journal said.

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