As reported by Licensing.biz last week, Dreamworks Animation has today agreed to acquire Classic Media for $155 million.
Classic Media's library of IP includes a vast collection of filmed entertainment, with over 450 titles and more than 6,100 episodes of animated and live action programming. The firm also owns the world's largest comic book archives and media rights to titles in the Golden Books library.
Highlights of the portfolio include Postman Pat, Olivia, Noddy, Casper the Friendly Ghost, Where's Wally?, Lassie, George of the Jungle and The Lone Ranger, plus VeggieTales.
"Classic Media brings a large and diverse collection of characters and branded assets that is extremely complementary to Dreamworks Animation's franchise business, and we plan to leverage it across our motion picture, television, home entertainment, consumer products, digital, theme park and live entertainment channels," said Jeffrey Katzenberg, Dreamworks CEO.
Eric Ellenbogen, co-CEO of Classic Media, added: "Our combination with Dreamworks Animation will expand the opportunities for us and for our content and distribution partners around the globe."
The deal will be financed through a combination of cash and borrowings under Dreamworks' revolving credit facility. Dreamworks is expecting the transaction to be complete during the quarter ending September 30th 2012.
For the 12 months ending February 29th 2012, Classic Media earned net revenue of $82.2 million and operating profit of $19.2 million.
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