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Comcast's NBCUniversal to absorb DreamWorks into Universal films unit

Comcast Corp.-owned NBCUniversal will fold DreamWorks Animation into its Universal films business but retain the DreamWorks campus and studios in Glendale, Calif., the companies said Tuesday.

Shrek, from Dreamworks Animation.
Shrek, from Dreamworks Animation.Read more

Comcast Corp.-owned NBCUniversal will fold DreamWorks Animation into its Universal films business but retain the DreamWorks campus and studios in Glendale, Calif., the companies said Tuesday.

In April, Comcast agreed to buy the entertainment firm that produced Shrek, Kung Fu Panda, and other animated features for $3.8 billion. That deal closed Monday.

Employee cutbacks at DreamWorks were not announced Tuesday, though they are expected among headquarters staffers.

DreamWorks will now be a subsidiary of NBCUniversal, which owns feature-film brands including Universal Pictures and its movie studio, which had a blockbuster run in 2015 that it hasn't matched this year.

DreamWorks is expected to help fill out the Universal movie slate and supply characters for the Universal theme parks.

CEO Jeffrey Katzenberg, who walked away with about $435 million in DreamWorks stock and severance, according to regulatory filings, has stepped down from DreamWorks but will remain a consultant to Comcast.

Ann Daly, president of DreamWorks Animation, also will be leaving, NBCUniversal said Tuesday, but will remain an adviser during the transition.

Vince Klaseus, president of NBCUniversal's brand development, will head the combined NBCUniversal and DreamWorks games, digital, and consumer products group.

Universal is expected to distribute DreamWorks films when its existing 20th Century Fox contract runs out in late 2017.

The copresidents of DreamWorks Feature Animation, Bonnie Arnold and Mireille Soria, will report to Universal Pictures chair Donna Langley.

Margie Cohn, head of DreamWorks Animation TV, will report to Jeff Shell, a former Comcast executive and now chairman of the Universal Filmed Entertainment Group.

bfernandez@phillynews.com

215-854-5897 @bobfernandez1