Comcast Corp. closed on its deal to acquire DreamWorks Animation SKG Inc. on Monday, the final day of trading for DreamWorks shares on the Nasdaq.
DreamWorks, the Glendale animated film and television studio, was bought in a transaction valued at $3.8 billion. Shareholders will receive $41 in cash for each share of DreamWorks common stock.
DreamWorks Animation now becomes part of Comcast’s Universal Filmed Entertainment Group, which includes Universal Pictures, Fandango and NBCUniversal Brand Development.
Jeffrey Katzenberg, founder of DreamWorks, steps down from his role as chief executive and becomes chairman of DreamWorks New Media, which will be comprised of the company’s ownership interests in Awesomeness TV and NOVA, a backend technology venture that DreamWorks started last year.
Feature animation co-presidents Bonnie Arnold and Mireille Soria remain with the company and will work under Universal Pictures’ Donna Langley. The DreamWorks animated television group will be integrated into Universal’s corresponding division, and the games, digital and consumer products will come under NBCUniversal Brand Development.
The DreamWorks board was also disbanded.
The acquisition gives Universal a broader reach in the competitive children and family entertainment market. In addition to feature films, the studio also produces television series distributed on the Netflix streaming platform, live theatrical events and licenses its characters for use in overseas themed entertainment attractions.
“As we integrate its operations into Universal Filmed Entertainment, we are confident the first-class team we’ve put in place to lead various segments will build on that great tradition of success across film, television and related businesses,” NBCUniversal Vice Chairman Ron Meyer said in a prepared statement.