Disney is in the midst of a $2.6 billion acquisition that will include Pixar Animation Studios, the company said Monday.
The purchase, which will take place in early 2019, is expected to close by the end of 2021, Disney CEO Bob Iger said in a statement.
It will be Disney’s second acquisition of Pixar, after acquiring Lucasfilm in 2011.
Disney has said it will use the money to help develop the new film slate for Disney XD.
The acquisition of the company is a departure from Disney’s approach of concentrating on its core businesses.
It is the latest move in the company’s ongoing consolidation efforts, which also include a stake in Pixar Animation, Disney Television Animation and ABC Studios.
Iger made the announcement at a media briefing, after which he held a roundtable discussion with executives.
Disney is already in the process of buying Pixar Animation.
The company has already bought the company for $1.9 billion and is reportedly closing in on a deal to buy the studio in 2019 for $3.1 billion.
In 2019, Disney will have $3 billion in cash.
Disney acquired Pixar Animation in 2011 to build the company and focus on films like Cars, Finding Nemo and Monsters University.
It was then purchased by Disney in 2012 for $8.1 million.
The deal for Pixar was the first in a series of mergers Disney has been making with the help of its film studios.
Last year, Disney purchased Pixar Animation and Lucasfilm, which includes the Star Wars franchise, for $4.2 billion.
The studios are now known as Pixar, Walt Disney Studios, Lucasfilm and Disney Animation Studios.