DreamWorks Acquisition Approved

The Justice Department has given its approval of the acquisition of DreamWorks Animation SKG Inc. by NBCUniversal, according to media reports. The approval means the federal agency has found the purchase by NBCUniversal of the Glendale animation studio does not represent an undue threat to competitors or to consumers and so there is no legal reason to block it. NBCUniversal parent Comcast Corp., in Philadelphia, announced in late April it would acquire DreamWorks Animation in a deal valued at $3.8 billion. The studio behind such feature film hits “Shrek,” “Kung Fu Panda” and “How to Train Your Dragon” will become part of the Universal Filmed Entertainment Group, in Universal City, a division of NBCUniversal. A spokesperson for NBCUniversal said the transaction will close in the coming months, according to Bloomberg. DreamWorks Animation Chief Executive Jeffrey Katzenberg will step down as head of the company and become chairman of DreamWorks New Media, which will be comprised of the company’s ownership interests in Awesomeness TV and NOVA, a backend technology venture that DreamWorks started last year. Shares in DreamWorks Animation closed down 3 cents, or a fraction of a percent, to $40.75 on the Nasdaq.