Apple purchased NeXT in 1997 for $429 million and 1.5 million shares of Apple stock. The merger converted Steve Jobs from Chairman and CEO of NeXT to an advisory role at Apple, the company he had co-founded in 1976; and it promised to port NeXT's operating system to Macintosh hardware, combine it with the legacy application layer of Mac OS, and yield OS X. In following decades, the new operating system was renamed macOS and was adapted into the embedded multimedia platforms of iOS, watchOS, and tvOS to serve as the basis of iPhone and iPad.