Comcast buys DreamWorks Animation for $3.8 billion

Dreamworks bought by Comcast

Comcast is buying DreamWorks animation. The company’s NBCUniversal division is acquiring the studio for about $3.8 billion.

On Thursday, Comcast said shareholders in DreamWorks will receive $41 in cash per share of stock.

DreamWorks shares closed at $32.20 on Wednesday afternoon, following rumors that the acquisition was nearing completion.

The company expects the deal to be approved by regulators and hopes to wrap up the deal by the end of 2016.

Comcast said DreamWorks “will become part of the Universal Filmed Entertainment Group, which includes Universal Pictures, Fandango, and NBCUniversal Brand Development.”

DreamWorks CEO Jeffrey Katzenberg will end his leadership role at the company, but he will remain involved with DreamWorks’ ownership interests in two digital ventures: Awesomeness TV and NOVA.

Katzenberg’s new title will be chairman of DreamWorks New Media.

Katzenberg will also be a consultant to NBCUniversal, the company said.

NBCUniversal CEO Steve Burke added, “DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come.”

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No further details have been revealed at this time.

Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.