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Katzenberg's DreamWorks May Finally Have the Right Partner in Comcast


David Katzenberg, the controlling shareholder of DreamWorks Animation (DWA - Get Report) , may finally have found a safe and secure home for Shrek, Kung Fu Panda and other make-believe characters to come.

At a price of more than $3 billion, Comcast's (CMCSA - Get Report) offer to acquire DreamWorks, reported on Tuesday by The Wall Street Journal, prices the Hollywood movie studio at roughly $34 to $35 a share. News of the merger talks on Wednesday morning sent shares surging 14.5% to $31.06.

Comcast executives declined to comment on the report during the company's first-quarter earnings conference call.

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The offer from Comcast, owner of NBCUniversal, may be slightly below what Katzenberg was seeking for the movie studio when he engaged in 2014 with Japan's Softbank and toymaker Hasbro (HAS - Get Report) about a sale at about $38 a share. Nonetheless, combining with Comcast's animation group, Illumination Entertainment, creator of the Despicable Me movies, would afford...