DreamWorks has agreed to buy DreamWorks Entertainment in a $3.2 billion deal valued at $3 billion, the company announced Wednesday.
The agreement follows an announcement last month by DreamWorks Chairman and CEO Jeffrey Katzenberg that the company was exploring a sale of the company to a private company.
Katzenberg said in the announcement that the purchase would create a new and dynamic “world-class” entertainment park in Denmark.
Katzensy said in his announcement that he had worked with Disney to develop the deal that included a new name and a new vision for the company, which he said would create an “all-new, global and exceptional entertainment destination.”
Disney has long been a major investor in DreamWorks.
The two companies have collaborated on films like “The Nightmare Before Christmas,” “Frozen” and “The Jungle Book,” as well as on other animated feature films.
Katzman’s announcement follows a recent announcement by Dreamworks Chairman and Chief Executive Officer Jeffrey Katzman that he was buying out his brother Jeffrey Katzinger in an attempt to diversify the company.
In an interview with The Associated Press, Jeffrey Katzerberg said the Katzingers wanted to “build a bigger and better Disney in America.”
Jeffrey Katzman said he had been trying to get a buyer for DreamWorks for years and would have been willing to sell the company had it not been for a desire to work with the Walt Disney Company.
Jeffrey said in a statement that the new ownership team is focused on the future of DreamWorks and has a strong track record of creating a strong business that attracts, develops and supports talent from all around the world.
The Katzings have a history of working with DreamWorks on many projects.
In 2018, Jeffrey and his wife Anne Katzman sold the company’s publishing company, DreamWorks Children’s Entertainment, to Random House for $1.5 billion.
The company produced films like the “Frost” franchise, “The Secret Life of Pets” and the “Jurassic World” franchise.
The company’s new parent company is owned by an investment group of Disney and Pixar parent company Pixar Animation Studios, which is also owned by the Walt and Lucille Disney.
The group is known as the Walt Derington Group.
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