DreamWorks Animation to Acquire Classic Media For $155 Million
DreamWorks Animation SKG (NYSE: DWA) has agreed to acquire Classic Media for $155 million. The deal will give the studio company a library of vintage film and television characters including Casper and Lassie. Classic's co-Chief executives Eric Ellenbogen and John Engelman will stay on to run the unit under DreamWorks.
Classic Media is owned by an affiliate of GTCR LLC, a private equity firm. The acquisition will allow DreamWorks to expand further. The company announced a venture in China this year and continues to look to bolster its film and television lineup.
According to Bloomberg, Classic Media has acquired the rights to more than 3,600 hours of vintage cartoons and TV shows, including "Casper the Friendly Ghost," "The Lone Ranger" and "Lassie." The company is also the third-largest holder of comic book rights and owns Big Idea, a maker of the religious-themed children's series VeggieTales.
During Monday's trading session, shares of DreamWorks Animation lost around 0.50 percent.
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