Disney never owned Pixar, Disney had a 6 film contract with Pixar where Disney distributed Pixar films for them, which was good, because I don't believe Pixar had the ressources to distribute themselves. Now that Pixar has established a name for itself, they no longer need Disney.

Pixar may renegociate a deal with Disney now that Michael Eisner (as Lefty said 'satan incarnit', former CEO and president of Disney) has been removed from his position. Unfortunately, he has only been released by a lesser evil (the incompetent Robert Iger). The only possible deal I would like to see between Disney and Pixar would be to allow Pixar handle making any Pixar sequels, since Disney will only butcher them.