NEW YORK (AA) – American media giant NBCUniversal said Thursday that it would buy DreamWorks Animation in a multibillion dollar deal.
NBCUniversal, a subdivision of the world’s largest cable television company, Comcast, said in a statement that the $3.8 deal is expected to close by the end of this year but is subject to antitrust approvals in the U.S. and abroad.
“DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come,” said Steve Burke, CEO of NBCUniversal.
DreamWorks Animation CEO and co-founder Jeffrey Katzenberg said, “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.”
Katzenberg, along with legendary director Steven Spielberg and famed studio executive David Geffen, founded DreamWorks in 1994.
NBCUniversal owns NBC television and film production and distribution company Universal Studios, while DreamWorks Animation has made popular animation films, including Shrek, Madagascar and Kung Fu Panda.
Shares of DreamWorks Animation soared 24 percent following the announcement.