The fisherman reeled in a good deal this time.
[dropcap size=small]O[/dropcap]n Thursday, Comcast and Dreamworks reached a merger agreement for Dreamworks to become part of the Universal Filmed Entertainment Group for $3.8 billion. The Universal Entertainment Group also includes Universal Pictures, Fandango, and NBCUniversal Brand Development.
The merger deal still has to go through the regulatory process but is expected to make it through with no problems. The deal gave Comcast stocks a 24% increase on Thursday as well.
The deal gives Comcast the ability to use Dreamworks characters, like Shrek and Kung Fu Panda, in the Universal Studios amusement park which was a large part of why Comcast wanted the merger to begin with.
Dreamworks CEO Jeffrey Katzenberg will give up his leadership position in Dreamworks but is expected to be kept on as a consultant..
Dreamworks had made more than $5 billion in the North American box office since its first movie, Antz.
If regulators do not approve the deal, Comcast will have to pay $200 million to Dreamworks.