DreamWorks Shareholder Sues CEO Over Comcast Deal -- Market Talk
29 Giugno 2016 - 2:04AM
Dow Jones News
1925 EDT [Dow Jones] -- A shareholder in DreamWorks Animation
SKG Inc. is suing the animation company's CEO, saying he had a
conflict of interest in negotiating the studio's recent sale to
Comcast Corp. The suit, filed by the Ann Arbor City Employees
Retirement System, concerns Jeffrey Katzenberg's negotiated role in
the tie-up. As part of the $3.8 billion acquisition, Mr. Katzenberg
agreed to run DreamWorks New Media, a division of the studio's
online video and technology holdings. He will receive 7% of that
division's profits in perpetuity. The Ann Arbor organization
alleges that DreamWorks shareholders might have found a better
offer if a buyer hadn't felt compelled to sweeten the terms for Mr.
Katzenberg, who as a majority shareholder had veto power over
acquisition approvals. Generally speaking, Wall Street thought the
$3.8 billion price tag was generous for a company of DreamWorks'
size and output. A DreamWorks spokesman declined to comment.
(erich.schwartzel@wsj.com; @erichschwartzel)
(END) Dow Jones Newswires
June 28, 2016 19:49 ET (23:49 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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