Comcast Makes Deal To Buy DreamWorks Animation

By Mike Dougherty

PHILADELPHIA (CBS) -- Shrek, Donkey and company are now property of Comcast after the Philly-based media giant makes a deal to buy DreamWorks Animation.

NBC Universal, a division of Comcast, is adding some new members to the family after making a deal to buy DreamWorks for $3.8-billion dollars. In a statement, CEO Steve Burke said "DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come."

Popular DreamWorks franchises such as Shrek, Kung Fu Panda and Madagascar will be added to NBC Universal's catalog which includes Despicable Me and Minions.

DreamWorks founder and CEO Jeffrey Katzenberg will be retained as the chairman of new media division and he will also work as a consultant. In a statement he said,

"NBCUniversal is the perfect home for our company; a home that will embrace the legacy of our storytelling and grow our businesses to their fullest potential."

Unlike the failed acquisition of Time Warner, experts believe this will clear regulatory hurdles before the end of the year.