Mogul nets $75 million for one third of shares
Paul Allen sold about one third of his remaining DreamWorks Animation stock Tuesday, netting $75 million and bringing down his stake to about 4%.
Microsoft mogul, who invested more than $600 million in DreamWorks from its founding more than a decade ago, cashed out some of his holdings when the live action studio was bought by Paramount and has since been selling his stock in DWA, which spun off into a public company.
He agreed to sell 15 million shares in August, a move that triggered his resignation from the company’s board. Tom Freston was later picked to replace him.
Allen sold more than 2.4 million shares last week, according to an SEC filing. He now owns just more than 4 million.
DreamWorks Animation stock closed down 1% at $29.57.