The $155m transaction brings properties such as Lassie and Casper under CEO Jeffrey Katzenberg’s control.

The New York-based target company employs approximately 80 people, owns 450 film titles and more than 6,100 episodes of animated and live-action programming.

Classic Media is owned by Boomerang Media Holdings, which itself is a portfolio company of private equity firm GTCR.

It manages its stable of properties with TV cartoon producer Jay Ward Productions. One of these is Mr Peabody & Sherman, which DreamWorks Animation has been adapting into a feature earmarked for release in December 2013.

JPMorgan Chase advised DreamWorks Animation on the transaction and Jefferies served as adviser to Classic Media.