Disney Closer to Keeping Pixar Pals

As their fifth feature collaboration, Finding Nemo, swims to theaters this month, Walt Disney Co. and Pixar Animation Studios may be finding a way to keep their partnership in tact well beyond the November 2005 expiration date. The Los Angeles Times today reports that the entities have agreed to spend the month of June negotiating a new contract.

Disney CEO Michael Eisner and Pixar head Steve Jobs reportedly met in San Francisco to discuss a new agreement that would prove more profitable for the computer animation studio. Pixar currently splits costs and profits with Disney, but pays the Mouse House a 12% distribution fee.

Pixar is contractually obligated to deliver two more features for Disney. Plans beyond that are expected to be made more clear in the next six months. Finding Nemo opens nationwide on May 30.