The transaction is expected to close by the end of 2016; Jeffrey Katzenberg to become chairman of DreamWorks New Media.
Comcast Corp. has set a deal to buy DreamWorks Animation for $3.8bn.
The studio will become part of the Universal Filmed Entertainment Group, which includes Universal Pictures, Fandango, and NBCUniversal Brand Development.
The transaction, which had been heavily speculated on this week, is expected to close by the end of 2016, subject to receipt of antitrust approvals in the US and abroad.
Following the completion of the transaction, DreamWorks Animation CEO and co-founder Jeffrey Katzenberg will become chairman of DreamWorks New Media, comprised of Awesomeness TV and NOVA. Katzenberg will also serve as a consultant to NBCUniversal.
“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.”
DreamWorks Animation stockholders will receive $41 in cash for each share of DreamWorks Animation common stock. The agreement has been approved by the boards of directors of DreamWorks Animation and Comcast, and the controlling shareholder of DreamWorks Animation has approved the agreement by written consent.
“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’ franchises include Kung Fu Panda, Shrek, and How To Train Your Dragon [pictured].