The head of Steve Jobs probably did a 360 -- a la Regan in The Exorcist -- when he heard the news, reported in a recent issue of Hollywood Reporter, that Disney (NYSE:DIS) will make Toy Story 3.

In one sense, I couldn't blame Jobs for feeling a bit of seemingly satanic intellectual indigestion. The man who steers the ship at Apple Computer (NASDAQ:AAPL) also leads the animation house that created the first two Toy Story projects -- Pixar (NASDAQ:PIXR), of course.

After all, he's an intensely smart, charismatic individual who holds two CEO titles, was at the forefront of the computer revolution along with Bill Gates of Microsoft (NASDAQ:MSFT), and consistently displays a remarkable ability to create demand for new technologies, such as iMacs and iPods. This is a Type-A personality we're talking about, an ambitious guy who is territorial about his babies, one of them being the Toy Story franchise.

Alas, Jobs' baby or not, Disney does retain the right to make a sequel to Toy Story, and it apparently intends to do so. That's news to which I, as a shareholder of Disney, say to Michael Eisner, "Good move!"

Who would disagree with such a sentiment? This isn't brain surgery; Pixar, to its venerable credit, gave birth to an instant animated classic. Even I have to admit that Toy Story was a pretty good film. (I generally don't care for animated movies, but a friend bugged me into seeing it.) Therefore, I can't fail to support any initiative tied to resurrecting Buzz and Woody and whatever other characters were running around in that computerized alternate universe. Franchises are the lifeblood of any media conglomerate, and if ever there was a company that needed an infusion of plasma, it's Disney.

Whether or not Disney will be able to capture the magic of its former pixilated partner in crime on its own is a subject for debate, but I say go for it, as the scheme represents an acceptable risk profile in my estimation. Many devotees of the Pixar brand will no doubt excoriate what will be perceived as cloying hubris of the highest order on the part of Disney, but hey, that's to be expected. If there's money to be made here, I want in on it (then again, with the way Disney has been managing shareholder value lately, maybe I won't see much of anything in the way of appreciation on my investment).

Pixar has done well with its latest release, The Incredibles, and it holds an enviable resume in the world of computer-animated entertainment. DreamWorks Animation (NYSE:DWA) is shaping up to be a formidable competitor, however, so nothing should be assumed, as no company should ever be underestimated.

So, to the man who once remarked that the idea of Disney making movies based on Pixar properties made him "sick," a bit of advice: Guzzle down the Pepto, Steve, to keep the projectile vomiting at a minimum. I hear ya, man, I hear ya, but ask yourself this: If you were in Mickey's shoes, would you proceed differently?

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Fool contributor Steven Mallas owns shares of Disney.