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Wednesday, Dec 6, 2023

DreamWorks Marketing Chief Resigns

The chief marketing officer of DreamWorks Animation SKG Inc. has resigned, the company announced Monday in a regulatory filing. Anne Globe, who has been with the company 17 years, will start her own consulting business, according to a memo from studio chief Jeffrey Katzenberg that was published in a trade industry publication. However, Globe’s departure also follows missteps by the studio, including the summer feature release, “Turbo,” which has brought in just $69.3 million in domestic box office. And in February, the company took an $87 million charge and announced layoffs after the bomb “Rise of the Guardians.” As part of her exit package, Globe will retain “service-based” stock grants that were awarded last year and are scheduled to vest in November. She also will receive her salary through the end of the year, but other bonuses and awards were canceled, the filing said. In his memo, Katzenberg praised Globe saying, “Simply put, without Anne, our company would not be where it is today.” In other news Monday, the company announced it was offering a series of senior notes totaling $300 million. The studio will use the proceeds to pay off loans under its revolving credit facility. The company has a credit facility of $200 million, according to its second quarter filing. Any money left over will be used for general corporate purposes, which may include acquisitions and repurchases of common stock. The new senior notes will be due in 2020. Shares gained 84 cents, or more than 3 percent, to close at $27.58 on the Nasdaq.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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