NBCUniversal, a division of Comcast Corporation has finalized the acquisition procedures for DreamWorks Animation.
DreamWorks Animation creates animated feature films, television series and specials, live entertainment and related consumer products. The studio will become part of the Universal Filmed Entertainment Group, which includes Universal Pictures, Fandango, and NBCUniversal Brand Development.
Steve Burke, the CEO of NBCUniversal said DreamWorks Animation remains to be one of the greatest additions to NBCUniversal. “Jeffrey Katzenberg and the DreamWorks organization have created a dynamic film brand and a deep library of intellectual property. DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come,” he said in a press release.
“We have enjoyed extraordinary success over the last six years in animation with the emergence of Illumination Entertainment and its brilliant team at Illumination Mac Guff studio. The prospects for our future together are tremendous. We are fortunate to have Illumination founder Chris Meledandri to help guide the growth of the DreamWorks Animation business in the future.”
As per their terms of agreement, DreamWorks Animation has an equity value of approximately $3.8 billion. DreamWorks Animation stockholders will receive $41 in cash for each share of common stock. The agreement has been approved by the boards of directors of DreamWorks Animation and Comcast, and the controlling shareholder has approved the agreement by written consent.
DreamWorks Animation CEO and co-founder Jeffrey Katzenberg will now become Chairman of DreamWorks New Media. “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.