Reuters – DreamWorks Pays $155M for Classic Media

DreamWorks Animation SKG Inc. beat rival bidders to buy Classic Media for $155 million to strengthen its array of entertainment characters, which will now include “Casper” and “Rudolph the Red-Nosed Reindeer,” the Wall Street Journal said. DreamWorks will pay cash for the two-year-old rights-holding company, which is owned by Boomerang Media Holdings I LLC, a portfolio company of private-equity firm GTCR LLC, the journal said.

(Reuters) – DreamWorks Animation SKG Inc. beat rival bidders to buy Classic Media for $155 million to strengthen its array of entertainment characters, which will now include “Casper” and “Rudolph the Red-Nosed Reindeer,” the Wall Street Journal said.

 

DreamWorks will pay cash for the two-year-old rights-holding company, which is owned by Boomerang Media Holdings I LLC, a portfolio company of private-equity firm GTCR LLC, the journal said.

 

Classic Media will operate under the DreamWorks Classics brand and co-Chief Executives Eric Ellenbogen and John Engelman will remain as co-heads, though the exact organizational structure is still being sorted out, the newspaper said.

 

Classic Media formed in 2000, has more than 450 family entertainment titles and generated $82.2 million in revenue in the year ended Feb 29, 2012, the WSJ said.

 

DreamWorks CEO Jeffrey Katzenberg told the Journal the deal “gives the studio a very deep character library that helps it rival Universal or Sony.”

 

DreamWorks and Classic Media could not immediately be reached for comment outside regular U.S. business hours.