1. Which is greater: the value of Pixar and Disney in an

1. Which is greater: the value of Pixar and Disney in an exclusive relationship, or the sum of the value that each could create if they operated independently of one another or were allowed to form relationships with other companies? Why?
2. Assuming that Pixar and Disney are more valuable in an exclusive relationship, can that value be realized through a new contract? Or is a common ownership required (that is, must Disney acquire Pixar)?
3. If Disney does acquire Pixar, how should Bob Iger and his team manage and integrate the combined entity? What challenges do you foresee, and how would you meet them?