DreamWorks Animation is devoting another $150 million of its cash to stock buyback.
Move comes as the toon studio’s stock has been declining throughout the fall, down from $34.70 in early October to a closing price of $22.95 Monday, before the buyback was announced.
Investors have apparently been concerned about “Bee Movie’s” so-so box office perf, as well as DVD sales of summer B.O. smash “Shrek the Third.”
DWA enacted a separate $150 million stock repurchase in August as part of a major stock sale by mogul Paul Allen, a founding investor in DreamWorks.