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It was reported just yesterday that Comcast could possibly announce an acquisition of DreamWorks Animation in the near future, and that’s precisely what it has done today. Comcast has confirmed that it’s acquiring DreamWorks for $3.8 billion. This animation studio is behind popular movies like Kung Fu Panda and Shrek, and it will become a part of Universal Filmed Entertainment Group.

DreamWorks is going to be a very valuable addition to Comcast’s film making portfolio which already includes Universal Pictures. It will join the Universal Film Entertainment Group which will, in turn, fold into Universal Pictures, Fandango and NBCUniversal Brand Development.

“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,” said NBCUniversal CEO Steve Burke.

Even though the acquisition has been announced today it’s going to take some time before it follows through as antitrust and regulatory approval is still pending.

Financial terms of the deal have been made public, under the deal NBCUniversal is going to pay $41 per share to all DreamWorks common stockholders, this represents a 27 percent premium when compared to Wednesday’s closing price of $32.20.

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