GLENDALE (CBSLA.com) — DreamWorks Animation was acquired by NBCUniversal, a division of cable giant Comcast Corp., in a deal valued at $3.8 billion, the company announced Thursday.

DreamWorks shareholders will receive $41 in cash for each share of DreamWorks stock, NBC Universal’s parent company, Philadelphia-based Comcast Corp., said in a statement.

“DreamWorks Animation is a great addition to NBCUniversal,” Steve Burke, chief executive of NBCUniversal, said in a statement. “DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come.”

Jeffrey Katzenberg, the DreamWorks CEO, will become chairman of DreamWorks New Media, consisting of the company’s interests in Awesomeness TV and Nova, and will serve as a consultant to NBCUniversal.

“Having spent the past two decades working together with our team to build DreamWorks Animation into one of the world’s most beloved brands, I am proud to say that NBCUniversal is the perfect home for our company; a home that will embrace the legacy of our storytelling and grow our businesses to their fullest potential,” Katzenberg said in a statement.

The agreement has been approved by the boards of directors of DreamWorks Animation and Comcast, and the controlling shareholder of DreamWorks Animation has approved the agreement by written consent, the statement said.

The transaction is expected to close by the end of 2016, subject to antitrust approvals in the U.S. and abroad, as well as the satisfaction of other customary closing conditions.

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