Comcast's NBCUniversal Confirms $3.8 Billion Buyout Of Dreamworks

Comcast Corporation CMCSA confirmed on Thursday morning that its NBCUniversal segment has acquired Dreamworks Animation Skg Inc DWA.

As part of the merger agreement, DreamWorks shareholders will receive $41 in cash for each share of DreamWorks share they own. The agreement has already been approved by the Boards of Directors of both companies. The deal was rumored earlier this week.

DreamWorks' founder and CEO Jeffrey Katzenberg will become Chairman of DreamWorks New Media, which will be comprised of the company's ownership stake in Awesomeness TV and NOVA. The executive will also serve as a consultant to NBCUniversal.

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"Having spent the past two decades working together with our team to build DreamWorks Animation into one of the world's most beloved brands, I am proud to say that NBCUniversal is the perfect home for our company; a home that will embrace the legacy of our storytelling and grow our businesses to their fullest potential," said Katzenberg. "This agreement not only delivers significant value for our shareholders, but also supports NBCUniversal's growing family entertainment business. As for my role, I am incredibly excited to continue exploring the potential of AwesomenessTV, NOVA and other new media opportunities, and can't wait to get started."

"DreamWorks Animation is a great addition to NBCUniversal," said Steve Burke, CEO of NBCUniversal. "Jeffrey Katzenberg and the DreamWorks organization have created a dynamic film brand and a deep library of intellectual property. DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come. We have enjoyed extraordinary success over the last six years in animation with the emergence of Illumination Entertainment and its brilliant team at Illumination Mac Guff studio. The prospects for our future together are tremendous. We are fortunate to have Illumination founder Chris Meledandri to help guide the growth of the DreamWorks Animation business in the future."