Acquisition Builds on NBCUniversal's Presence in Family and Animation
Space
DreamWorks Animation to Become Unit of Universal Filmed Entertainment
Group
NEW YORK--(BUSINESS WIRE)--
NBCUniversal, a division of Comcast Corporation (NASDAQ: CMCSA), today
announced the acquisition of DreamWorks Animation (NASDAQ: DWA). One of
the world's most admired family brands, DreamWorks Animation creates
animated feature films, television series and specials, live
entertainment and related consumer products. The studio will become part
of the Universal Filmed Entertainment Group, which includes Universal
Pictures, Fandango, and NBCUniversal Brand Development.
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"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."
Under the terms of the agreement, DreamWorks Animation has an equity
value of approximately $3.8 billion. 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.
The transaction is expected to close by the end of 2016, subject to
receipt of antitrust approvals in the U.S. and abroad, as well as the
satisfaction of other customary closing conditions.
Following the completion of the transaction, DreamWorks Animation CEO
and co-founder Jeffrey Katzenberg will become Chairman of DreamWorks New
Media, which will be comprised of the company's ownership interests in
Awesomeness TV and NOVA. Katzenberg will also serve as a consultant to
NBCUniversal.
"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."
The acquisition gives NBCUniversal broader reach to a host of new
audiences in the highly competitive kids and family entertainment space,
in both TV and film. It includes popular DreamWorks Animation film
franchise properties, such as Shrek, Madagascar, Kung
Fu Panda and How to Train Your Dragon. It also
includes a thriving TV operation that is a significant supplier of
family programming, with hundreds of hours of original, animated content
distributed across linear and SVOD platforms in more than 130 countries.
Additionally, DreamWorks Classics, a large library of classic
characters, including Where's Waldo, and Rudolph the Red-Nosed
Reindeer, will become part of the NBCUniversal portfolio, along with
a successful consumer products business.
Comcast was advised by Davis Polk & Wardwell LLP on legal matters.
DreamWorks Animation was advised on financial matters by Centerview
Partners and on legal matters by Cravath, Swaine & Moore LLP. DreamWorks
Animation's Board of Directors was advised on legal matters by Munger
Tolles & Olson LLP.
About NBCUniversal
NBCUniversal is one of the world's leading media and entertainment
companies in the development, production, and marketing of
entertainment, news and information to a global audience. NBCUniversal
owns and operates a valuable portfolio of news and entertainment
television networks, a premier motion picture company, significant
television production operations, a leading television stations group,
world-renowned theme parks, and a suite of leading Internet-based
businesses. NBCUniversal is a division of Comcast Corporation.
About DreamWorks Animation
DreamWorks Animation (Nasdaq: DWA) is a global family entertainment
company with business interests that span feature film and television
production; licensing and consumer products; location-based
entertainment; and new media properties, including the Company's
controlling interest in AwesomenessTV. The Company's feature
film heritage includes many of the world's most-beloved characters and
franchises, including Shrek, Madagascar, Kung
Fu Panda and How to Train Your Dragon, while its 32
feature film releases have amassed more than $13 billion in global box
office receipts. DWA's television business has quickly become one of the
world's leading suppliers of high-quality family programming, reaching
consumers on linear and on-demand platforms in more than 130 countries
and winning a total of 25 Emmy™ Awards to date. The Company's deep
portfolio of intellectual property is supported by a robust, worldwide
consumer products practice, which includes licensing, and location-based
entertainment venues around the world. The Company is also the majority
owner of AwesomenessTV, a leading video destination for Generation Z and
Millennial audiences, and also owns 45% of Oriental DreamWorks, a
world-class animation studio in China that produces family entertainment
for both Chinese and global audiences.
NOTE: This press release contains forward-looking statements. Readers
are cautioned that such forward-looking statements involve risks and
uncertainties that could cause actual events or our actual results to
differ materially from those expressed in any such forward-looking
statements. Such forward-looking statements include the possible
benefits of the proposed DreamWorks Animation acquisition to the
NBCUniversal business. Readers are directed to Comcast's and DreamWorks
Animation's periodic and other reports filed with the Securities and
Exchange Commission (SEC) for a description of such risks and
uncertainties. Neither Comcast nor DreamWorks Animation undertakes any
obligation to update any forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160428006036/en/
Press Contacts:
NBCUniversal
Hilary
Smith, 212-664-2617
Hilary.Smith@nbcuni.com
or
Universal
Filmed Entertainment
Teri Everett, 818-777-7216
Teri.Everett@nbcuni.com
or
DreamWorks
Animation
Dan Berger, 818-695-4747
Dan.Berger@dreamworks.com
or
Investor
Contacts:
Comcast
Jason Armstrong, 215-286-7972
Jason_Armstrong@Comcast.com
or
DreamWorks
Animation
Jennifer DiGrazia, 818-695-3384
Jennifer.DiGrazia@dreamworks.com
Source: NBCUniversal
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