News
DreamWorks Animation to Acquire Classic Media Studio
posted on by Jennifer Sherman
North American animation studio Classic Media for US$155 million. DreamWorks Animation will take on Classic Studio's undisclosed debt with the purchase, but either company may cancel the deal if it fails to close by October 20.
Classic Media holds rights to adapted anime titles such as Rudolph the Red-Nosed Reindeer and Frosty the Snowman.
Classic Media earned an operating profit of US$19.2 million in the year that ended on February 29. DreamWorks Animation President and Chief Financial Officer Lew Coleman said, "As part of DreamWorks Animation's ongoing diversification strategy, this acquisition combines our hit-driven business with Classic Media's extensive and sustainable library revenue stream.” DreamWorks Animation expects to complete the transaction to purchase Classic Media during the quarter that ends on September 30.
Thanks to Daniel Zelter for the news tip.
Source: Deadline
this article has been modified since it was originally posted; see change history