DreamWorks takes aim at China with $155M acquisition of Classic Media
Michelle Clancy | 25-07-2012
DreamWorks is buying children's content producer Classic Media for $155 million, a move that CEO Jeffrey Katzenburg said is also part of a strategy to expand the animation studio's presence in China, particularly in TV and digital media.
"It adds a whole other set of opportunities for us in China," he told CNBC. DreamWorks recently created a new joint venture called, fittingly, Oriental DreamWorks, tasked with expanding its film, TV and digital presence in the Eastern market.
The Classic library boasts 450 properties and 6,100 TV episodes. It also co-owns the Golden Books library with Random House and controls beloved franchises like Casper the Friendly Ghost, Where's Waldo, George of the Jungle, Frosty the Snowman, Rudolph the Red-Nosed Reindeer, VeggieTales, and Rocky and Bullwinkle.
With 80 employees, Classic Media earned net revenue of $82.2 million and operating profit of $19.2 million.