Photo: Classic Media screencap
According to an SEC filing July 20, animation studio DreamWorks will purchase Classic Media for $155 million. DreamWorks officially announced the acquirement today through press release. The company is best known for titles including “Casper the Friendly Ghost,” “Lassie,” “The Lone Ranger,” “Rocky & Bullwinkle,” and more.
The deal also gives DreamWorks access to newer, successful properties, “VeggieTales” and “Olivia,” a venture that Lew Coleman, DreamWorks Animation’s President and Chief Financial Officer, describes as pertinent to the company’s ongoing plan to diversify.
“This acquisition combines our hit-driven business with Classic Media’s extensive and sustainable library revenue stream,” said Coleman. “We expect the transaction to be accretive to our earnings in the first full year following the completion of the acquisition.”
However, it’s unsure how the addition of older classics will fit in with DreamWorks considering recent reboots of “Underdog,” “Speed Racer,” and “Rocky & Bullwinkle” haven’t fared well in theatres.
The deal should be completed by the end of September 2012.
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