Comcast is in talks to acquire DreamWorks Animation a deal value more than $3 billion, sources verify to range.
DWA has been on the block for more than three years, drawing overtures however no suitors that went all of the approach to a deal. Comcast may be a very good fit for the indie animation studio that has a deep smartly of content material, from its library of film and television construction to classic toon characters to the millennial-friendly content engine in Brian Robbins' AwesomenessTV digital hub.
Comcast could make use of DreamWorks' IP-rich vault in its theme parks as well as to feed its international film and television pipelines. It's understood that the deal on the table envisions bringing DWA into the typical photographs fold.
Sources recommended that the negotiations are nevertheless within the early stage and that a deal might also now not come to fruition. A supply regular with the situation mentioned Comcast and NBCUniversal CEO Steve Burke are determined no longer to overpay for the enterprise, but they also see amazing capabilities in exploiting DWA's a number of assets via assorted divisions. As of Tuesday, DWA had a market cap of $2.35 billion, with shares closing at $27.12.
A spokesman for DreamWorks Animation declined to comment. Reps for Philadelphia-primarily based Comcast couldn't be reached for comment late Tuesday. Comcast's pursuit of DWA will surely be a topic of questioning on Wednesday morning after the cable big studies its first-quarter salary.
DWA CEO Jeffrey Katzenberg become skedded to be the keynote speaker at the APOS media convention in Bali, Indonesia that kicked off Tuesday. however previous Tuesday organizers acquired notice that he had cancelled his go back and forth unexpectedly after already arriving on the airport, citing "own matters." The convention chairman questioned aloud onstage whether the lucrative competencies deal could even be an element.
The business Hasbro had been in talks to acquire the company in a deal value at least $2.three billion, but the deal fell aside in November 2014. jap conglom Softbank also kicked the animation business's tires in 2014 however talks cooled.
pressure from Disney, which accounts for roughly 30% of Hasbro's enterprise, helped derail the contend with the "Transformers" toymaker.
The Comcast marriage would put DWA, makers of "Shrek," "Kung Fu Panda," and "how to coach Your Dragon," along with familiar and its Illumination animation subsidiary headed by means of Chris Meledandri, producer of "Despicable Me" and the upcoming "the key life of Pets."
DWA's fortunes have been defined in the public eye by means of the fate of its movie releases, but the company has vastly bolstered its operations by way of increasing into tv collection creation. Its 2013 purchase of AwesomenessTV has yielded a steady circulation of digital content material, television series and now movie tasks.
DWA set a large-ranging global content licensing pact in January with Netflix. At existing the studio has seven active collection on Netflix, which has a strong demand for animated fare to feed its infants's part. Two more high-profile entries are anticipated by way of the conclusion of this 12 months: "Trollhunters," helmed through Guillermo del Toro, and a reboot of the classic comic strip "Voltron."
The Netflix deal ensures DWA a gentle stream of money circulate that is far much less liable to the pendulum swings of field office returns. DWA in the past produced sequence for Nickelodeon derived from its "Kung Fu Panda" and "Penguins of Madagascar" movie franchises — houses which have an evergreen library value for NBCUniversal and its many channels everywhere.
"it's our most profitable asset," Katzenberg these days said of the three-year ancient tv division which has generated considerable gains.
DWA additionally controls old animation houses including Casper the friendly Ghost, Rocky and Bullwinkle and Mr. Peabody and Sherman. The studio obtained those titles through its 2012 buy of traditional Media.
AwesomenessTV has taken DWA into the teenager live-motion content material area. Hulu prior this month bought the company's "Freakish" horror series. Awesomeness movies is revving up a huge slate of day-and-date theatrical and VOD releases following its first efforts that covered "Snervous," a documentary from YouTube and social-media star Tyler Oakley, and "Janoskians: Untold and unfaithful," a mockumentary and live performance particular from the Australian comedy neighborhood.
DreamWorks Animation, through its distribution pact with Fox that runs through 2017, will unencumber its next film, "Trolls," in November. For 2017, it has "Boss baby," "Captain Underpants" and "The Croods 2" on the schedule, with "a way to instruct Your Dragon three" and "Larrikins" in 2018.
DreamWorks' movie studio is still improving from the downward drag of a series of failed films that started in 2012. DWA took an $87 million loss on "rise of the Guardians," a $13.5 million hit on "turbo" and a $fifty seven million writedown on "Mr. Peabody & Sherman." "The Penguins of Madagascar" also underperformed.
The screw ups compelled 500 layoffs in early 2015 and the closure of DWA's Northern California studio. The business additionally bought and leased again its Glendale headquarters and shuffled its precise movie executives – parting with inventive chief invoice Damaschke and promotion Bonnie Arnold and Mireille Soria to the co-presidency of the studio's function division.
"The ultimate eight months have been the worst within the company's 20-yr heritage," Katzenberg informed Wall street analysts in February 2015.
A mild uptick came with "domestic," in 2015, which grossed $386 million globally and an even bigger raise this January with the liberate of "Kung Fu Panda 3," which took in additional than $504 million, although nonetheless falling short of blockbuster repute. subsequent up, in November, is "Trolls" – which the company hopes will create a merchandising bonanza with earnings of the rubbery, shock-haired dolls.
news of Comcast's activity in DWA become first stated through the Wall street Journal.
(Patrick Frater contributed to this report)
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