NBCUniversal, a division of Comcast Corporation announced earlier today that they have acquired DreamWorks Animation for $3.8 billion. 

Under the terms of the agreement, the company said that it will pay $41 a share for the animation property that has produced movies such as “Shrek”, “Kung Fu Panda”, “How to Train Your Dragon” and a host of other animated classics. 

The studio will become part of the Universal Filmed Entertainment Group, which includes Universal Pictures, Fandango, and NBCUniversal Brand Development.

"DreamWorks Animation is a great addition to NBCUniversal," Steve Burke, CEO of the company said in a statement. "Jeffrey Katzenberg and the DreamWorks organization have created a dynamic film brand and a deep library of intellectual property. DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come.”

The deal is set to be finalized by the end of the year. Once that happens, DreamWorks Animation CEO and co-founder Jeffrey Katzenberg will become Chairman of DreamWorks New Media, Katzenberg will also 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.