Steve Jobs purchased Lucasfilm’s computer graphics division in 1986, and the independent company was later renamed Pixar.
The division had originated within Lucasfilm and included computer-graphics researchers and engineers working on advanced digital imagery. Jobs negotiated its purchase from George Lucas for approximately $5 million, while also investing additional money in the new company.
The business became known as Pixar after the acquisition. It initially developed hardware and software, including the Pixar Image Computer, before its animation work became the company’s defining success. John Lasseter’s short film Tin Toy won the Academy Award for Best Animated Short Film in 1989.
People sometimes remember Pixar mainly as a Disney company, but Disney acquired Pixar much later, in 2006. Jobs remained Pixar’s largest individual shareholder and became a major figure in its corporate history before returning to Apple’s leadership.