DreamWorks Animation will buy Classic Media for $155 million, the companies announced today.
Under the deal, DreamWorks will purchase the owner of such intellectual >Where’s Waldo? and Olivia, to the animated Christmas classics Frosty the Snowman and Rudolph the Red-Nosed Reindeer.
Classic Media also manages the Jay Ward catalog, which includes Rocky & Bullwinkle and their related characters, in a joint venture with the Ward estate. DreamWorks will release a 3D animated feature based on Mr. Peabody and Sherman in time for Christmas 2013.
For the year ended February 29, Classic Media earned $19.2 million on revenues of $88.2 million.
DreamWorks expects the deal to close during the quarter ending September 30.
[Source: DreamWorks Animation — the full press release follows]
Dreamworks Animation Agrees to Acquire Classic Media
Casper the Friendly Ghost, Where’s Waldo?, Lassie, George of the Jungle and Christmas Classics Among Extensive Portfolio of Intellectual Property Sold to DreamWorks Animation for $155 Million
GLENDALE, Calif., July 23, 2012 /PRNewswire via COMTEX/ — DreamWorks Animation SKG, Inc. DWA -1.41% today announced that it has entered into an agreement to acquire Classic Media, owner of one of the most extensive portfolios featuring many of the best-known and most-enduring franchises in all of family entertainment, for $155 million in cash from Boomerang Media Holdings I LLC, a portfolio company of Chicago-based private equity firm GTCR.
Classic Media’s library of intellectual >