Comcast announces its buying DreamWorks Animation

Jeffrey Katzenberg, CEO of DreamWorks Animation, arrives at the world premiere of "Kung Fu Panda 3" at the TCL Chinese Theatre on Saturday.

Comcast is buying DreamWorks Animation for approximately $3.55 billion.

DreamWorks stockholders will receive $41 for each share they own. That's a 24 percent premium to the company's Wednesday closing price of $32.20. The companies put the deal's value at about $3.8 billion.

DreamWorks will become part of the Universal Filmed Entertainment Group, which includes Universal Pictures.

Once the deal closes, DreamWorks co-founder and CEO Jeffrey Katzenberg will become chairman of DreamWorks New Media. He'll also serve as a consultant to NBCUniversal, a unit of Comcast Corp.

Both companies' boards have approved the transaction, which is targeted to close by year's end.

Shares of DreamWorks edged higher, while Comcast's stock slipped slightly in Thursday premarket trading.
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