Business

Comcast to buy Dreamworks Animation for $3.8bn

Actor Jack Black attends the press conference for Kung Fu Panda 3 on 20 January, 2016 in Seoul, South Korea Image copyright Getty Images
Image caption DreamWorks is behind the Kung Fu Panda series

Comcast has announced its NBCUniversal unit will buy DreamWorks Animation for $3.8bn (£2.6bn) in cash.

DreamWorks is behind a series of animated hit films including Shrek and Kung Fu Panda.

The deal will put Comcast in direct competition with Disney.

"DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come," said Steve Burke, chief executive of NBCUniversal.

Shares in DreamWorks had risen almost 19% on Wednesday after reports of a deal broke.

Comcast, which is the largest cable firm in the US, reported better-than-expected first quarter results on Wednesday, boosted by a big jump in pay-TV customers,

Net income rose 3.6% to $2.1bn, with total revenues up 5.3% to $18.8bn.

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