Pixar Animation Studios, commonly referred to as Pixar (/ˈpɪksɑːr/), is an American computer animation film studio based in Emeryville, California, that is a subsidiary of Walt Disney Studios, owned by the Walt Disney Company. Pixar began in 1979 as the Graphics Group, part of the Lucasfilm computer division, before its spin-out as a corporation in 1986, with funding by Apple Inc. co-founder Steve Jobs, who became the majority shareholder. Disney purchased Pixar in 2006 at a valuation of $7. 4 billion by converting each share of Pixar stock to 2. 3 shares of Disney stock, a transaction that resulted in Jobs becoming Disney's largest single shareholder at the time. Pixar is best known for CGI-animated feature films created with RenderMan, Pixar's own implementation of the industry-standard RenderMan image-rendering application programming interface, used to generate high-quality images.