Comcast is acquiring DreamWorks Animation in $3.8 billion deal
Comcast is acquiring DreamWorks Animation for $41 a share in a deal totaling $3.8 billion, the company announced Thursday.
DreamWorks Animation, the studio behind beloved family movies like "Shrek" and "Kung-Fu Panda" that is headed by CEO Jeffrey Katzenberg, will become part of NBCUniversal, a division of Comcast, specifically the Universal Filmed Entertainment Group, which includes Universal Pictures, Fandango, and NBCUniversal Brand Development.
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"DreamWorks Animation is a great addition to NBCUniversal," Steve Burke, the CEO of NBCUniversal, said. "Jeffrey Katzenberg and the DreamWorks organization have created a dynamic film brand and a deep library of intellectual property."
The deal is expected to close by the end of 2016, at which point Katzenberg will become chairman of DreamWorks New Media, made up of the company's ownership interests in AwesomenessTV and NOVA. He'll also consult for NBCUniversal.
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"Having spent the past two decades working together with our team to build DreamWorks Animation into one of the world's most beloved brands, I am proud to say that NBCUniversal is the perfect home for our company, a home that will embrace the legacy of our storytelling and grow our businesses to their fullest potential," Katzenberg said.
The acquisition will give NBCUniversal access to highly valuable entertainment properties, which also include "Madagascar" and "How to Train Your Dragon," as well as DreamWorks Animation's supply of TV programming.
Comcast has a market value of over $100 billion, following the bet it made buying a controlling stake in NBC in 2011.