×
You will be redirected back to your article in seconds

Comcast Completes $3.8 Billion Purchase of DreamWorks Animation

Comcast Corp. has closed its $3.8 billion acquisition of DreamWorks Animation, four months after announcing its plans to buy the studio.

Dreamworks Animation will become part of the Universal Filmed Entertainment Group, which includes Universal Pictures, Fandango and NBCUniversal Brand Development and is headed by Jeff Shell. Comcast made the announcement after the market closed Monday.

The deal calls for DWA stockholders to receive $41 in cash for each share of DWA common stock. DWA shares will no longer be listed on the NASDAQ.

The other component of the deal calls for DWA to redeem all $300 million aggregate principal amount outstanding of its 6.875% senior notes due Aug. 15, 2020, at a redemption price of 105.156% of the principal amount. That redemption will take place on Sept. 21.

Analysts believe that DreamWorks Animation will give Universal added clout in competing with rivals like Disney, Time Warner and Viacom in competing for kid-and-family audiences.

The DreamWorks Animation brand will remain intact as an imprint and DreamWorks Animation CEO Jeffrey Katzenberg will become chairman of DreamWorks Animation New Media, comprising its ownership stakes in AwesomenessTV and Nova, which will be part of NBCUniversal.

Katzenberg will also serve as a consultant to NBCUniversal.

DreamWorks Animation announced on Aug. 3 second quarter earnings that came in above Wall Street expectations. Revenue at the company behind “Shrek” and “How to Train Your Dragon” hit $220.9 million, up 29% from the year-ago period.

Fox has handled DreamWorks Animation’s release slate since 2013, starting with “The Croods,” but it’s uncertain how much longer it will do so now that the deal has closed.

More Film

  • Michael B. JordanAFI Awards Luncheon, Los

    Film News Roundup: Michael B. Jordan's Hitman Drama 'Silver Bear' Gets Director

    In today’s film news roundup, Michael B. Jordan’s “The Silver Bear” finds a director, biopic “Running for My Life” is in the works, Fox is using new trailer compliance software and the 14-hour “La Flor” gets distribution. DIRECTOR ATTACHMENT Gerard McMurray, director of “The First Purge,” will write and direct Michael B. Jordan’s thriller “The [...]

  • Kevin Costner Diane Lane

    Kevin Costner, Diane Lane to Reunite in Suspense Thriller 'Let Him Go'

    Focus Features has tapped Kevin Costner and Diane Lane to star as a husband and wife in the suspense thriller “Let Him Go.” The two also collaborated on “Man of Steel” and “Batman v Superman: Dawn of Justice.” Thomas Bezucha (“The Family Stone”) is set to direct his own screenplay, based on Larry Watson’s novel [...]

  • Chris Hemsworth Hulk Hogan

    Chris Hemsworth to Play Hulk Hogan in Biopic for Netflix

    Netflix is in the early stages of developing a Hulk Hogan biopic with Chris Hemsworth attached to star as the wrestling legend and produce. Netflix has obtained the exclusive life rights and consulting services from Terry Gene Bollea AKA Hulk Hogan. Todd Phillips, whose credits include “War Dogs” and “The Hangover” trilogy, is attached to [...]

  • Rooftop Films Announces Filmmakers Fund Grant

    Rooftop Films Announces Filmmakers Fund Grant Winners

    Swedish documentary filmmaker Anastasia Kirillova and “Negative Space” co-directors Ru Kuwahata and Max Porter are among the filmmakers who will receive grants from Rooftop Films to help complete their upcoming projects. Kirilova will be awarded $20,000 to finish her film, “In the Shadows of Love,” while collaborators Kuwahata and Porter will receive $10,000 for “Dandelion [...]

  • Jim Gianopulos

    Paramount Chief Jim Gianopulos Unveils Diversity Initiative

    Paramount Pictures chairman and CEO Jim Gianopulos has announced that all studio productions will be required to complete a plan to enhance diversity. Wednesday’s reveal follows Paramount’s commitment to participating in Time’s Up and Annenberg Inclusion Initiative’s 4% Challenge. The name is derived from women having directed only 4% of the country’s top grossing movies [...]

  • Leave No Trace

    Oscar Analysts Are Sincere -- but Often Totally Wrong

    With Oscars arriving Feb. 24, we can expect multiple “who will win/who should win” columns. There will also be a flurry of post-show analyses about the Academy of Motion Picture Arts & Sciences and why members voted the way they did. Since AMPAS never releases polls or voting tallies, these pundits will never be contradicted [...]

  • Green Book spiderman into the spider

    On Eve of Oscars, Variety’s Film Experts Answer Three Pressing Questions

    We continue to live in a divided world, with the current political landscape in the United States a seemingly endless hotbed of tumult and acrimony. Issues of racism, bigotry, diversity and gender equality drive the creative players as well, with Oscar-nominated films parlaying said themes into compelling, thought-provoking cinema. To analyze 2018 in big-screen entertainment, [...]

More From Our Brands

Access exclusive content