Apr 30, 2016 02:59 AM EDT

Comcast Bags DreamWorks Animation For $3.8 Billion; 'Kung Fu Panda,' 'Despicable Me' Gets New Owner

Comcast continues to make unexpected buyouts. As the company initiated the buying out of one of the most successful animation company in the world, the eyes are now turning towards DreamWorks Animation. Comcast now owns the animation company for a hefty sum of $3.8 billion.

In a post by CNN, "On Thursday, Comcast (CMCSA) said shareholders in DreamWorks will receive $41 in cash per share of stock, a roughly 50 percent premium from where the stock was trading before the merger talks were reported earlier this week and Comcast said it expects the deal to pass regulatory muster and take effect by the end of the year."

Both Comcast and DreamWorks are smaller than Disney and Pixar, respectively, but the ambitions are similar. Comcast said DreamWorks will become part of the Universal Filmed Entertainment Group, which includes Universal Pictures, Fandango, and NBC Universal Brand Development.

NBC Universal CEO Steve Burke said, "DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come." In terms of achievement, DreamWorks Animation is best known for producing 1998's "Antz" and the mighty "Shrek 2," that garnered $436 million in the US when it was released in 2004. With regard to the buyout, DreamWorks Animation is not the only company that has struggled and weathered the hurdles of economic meltdown; Yahoo is listed on the market as well, reports Jobs & Hire.

As Comcast buys DreamWorks Animation for $3.8 billion, the company aims to generate more revenues and attain supremacy in the world of animation, business, and trade.

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