The Walt Disney Company and Pixar Inc, Harvard Business School 사례 문제풀이

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Harvard Business School 사례 중 하나인 The Walt Disney Company and Pixar Inc.: To Acquire or Not to Acquire?의 문제풀이입니다.
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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?
Assuming that Pixar and Disney are more valuable in an exclusive relationship, can that value be realized through a new contract? Or is common ownership is required (i.e., must Disney acquire Pixar?)

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