SoftBank plans to buy DreamWorks Animation
It has been reported that SoftBank is planning to buy DreamWorks Animation. Finalization of this deal would help the Japanese group get control over Hollywood's largest independent animation studio.
SoftBank, the Japanese telecommunication and Internet giant, has offered $32 per share to the DreamWorks Animation, which is 45% premium over the share price.
DreamWorks Animation is the Hollywood's smallest movie studio. The company is renowned for being run by one of the entertainment industry's best-known personality, Jeffrey Katzenberg. Some of the hits produced by the company include 'Shrek', 'Kung-Fu Panda' and 'Madagascar'.
The DVD surge that made the studio a public company almost a decade ago has sharply receded. Jeffery had tried to look for a buyer, but in vain. Ever since the company had decided to go independent, DreamWorks Animation has aggressively pushed itself into television production.
The company had worked very hard to build many consumer products' businesses. It also took several business initiatives that are under progress in China.
One of the major reasons why acquisition talks never reached a result was the owner itself. Mr. Katzenberg demanded a hefty price for his company. He said that DreamWorks is worth as much as its rival, Pixar Animation Studios. The Walt Disney Company had paid $7.4 billion for Pixar in 2006.
It has been reported that the company faced losses for two consecutive quarters. For the quarter that ended in June 30, DreamWorks Animation lost $15.4 million compared with a profit of $22.3 million in the same period the previous year.
DreamWorks's acquisition by SoftBank would be a bold move by the Japanese telecommunication giant. Under the leadership of Masayoshi Son, SoftBank has adopted ambitious expansion efforts, including attempts to buy T-Mobile and the Universal Music Group.
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