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Comcast announces plan to buy DreamWorks Animation for $3.8 billion

The deal is expected to close by late 2016.

Justin Sullivan / Getty Images

NBCUniversal* has announced a plan to purchase Dreamworks Animation for $3.8 billion dollars, in a deal expected to close by late 2016. Best known for the Shrek and Kung Fu Panda franchises, Dreamworks Animation has produced 32 feature films in its 22 year history, developing as a rival to the Disney-owned Pixar. The deal does not include Dreamworks Pictures, a separately owned studio specializing in live-action films.

The acquisition would significantly expand the entertainment holdings of Comcast, which owns NBCUniversal and operates the largest cable business in the United States. “DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come,” said NBCUniversal CEO Steve Burke in a statement. “The prospects for our future together are tremendous.”

Read the rest of this post on The Verge

* Comcast owns NBCU, an investor in Re/code parent company Vox Media.

This article originally appeared on Recode.net.

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