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.”

No further details have been revealed at this time.