It depends on if this is the manga or the anime continuity. In the manga when the Other Bakura takes the Millenium Eye it results in the death of Pegasus. However in the anime, not only does Pegasus survive he later perpetuates rumours about his own death in order to perpatuate sales for Industrial Illussions products. This is of course after he has signed almost all of his shares, power, and position in the company to Yugi.

Please forgive my poor english and spelling. English is not my first language.

Also I apologise to Icka-san for being somewhat of a stalker on her journal. Her fics where some of the first english ones I really read and I find her writing to be some the best I have ever seen.