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Dreamworks’ Jeffrey Katzenberg to step down in $3.8B Comcast deal

Saheli April 29, 2016 Business Comments Off on Dreamworks’ Jeffrey Katzenberg to step down in $3.8B Comcast deal

Dreamworks Animation’s chief executive and co-founder, Jeffrey Katzenberg, will step down to headDreamWorks New Media in a $3.8 billion cope with Comcast’s NBCUniversal, the corporation introducedThursday.

In selling the studio to NBCUniversal, DreamWorks Animation stockholders will receive $41 in cash for everyproportion of DreamWorks Animation not unusual stock. Katzenberg will head up DreamWorks New Media,if you want to be made up of the company‘s ownership interests in Awesomeness television and NOVA. Katzenberg will even serve as a representative to NBCUniversal. Dreamworks is accountable foranimated hits that encompass “Shrek” and “Kung Fu Panda.”

“Having spent the past decades working collectively with our team to construct DreamWorks Animation into one of the international‘s maximum liked brands, i’m proud to mention that NBCUniversal is the correct home for our organization; a domestic with the intention to embrace the legacy of our storytelling and grow our groups to their fullest capacity,” Katzenberg stated.

The deal is just like Disney’s acquisition of Pixar for $7.4 billion in 2006, albeit on a much smaller scale. Comcast said Dreamworks “will become part of the established Filmed amusement group, which incorporates generic pictures, Fandango, and NBCUniversal logo development.”

“Jeffrey Katzenberg and the DreamWorks organisation have created a dynamic film emblem and a deep library of highbrow property. DreamWorks will assist us develop our film, tv, subject matter parks andcustomer merchandise corporations for future years,” Steve Burke, CEO of NBCUniversal, stated.

Comcast stated it expects the deal to be authorized with the aid of federal regulators and close by the quitof 2016.

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