We recently posted about DreamWorks Animation being the lead bidder for iconic cartoon studio Classic Media, and it turns out it was only a matter of time before DreamWorks will get their way. Classic Media was acquired through a $155 million all cash deal, as per DreamWorks’ announcement, marking the studio’s first acquisition since it went public back in 2004.
One of the best things to come out of the deal is that DreamWorks Animation, which is currently very, very active, is now home to a bunch of Classic Media properties that have not seen any recent activity outside of reruns, such as Casper the Friendly Ghost, Felix the Cat, Rocky and Bullwinkle, The Lone Ranger, and many others.
“Classic Media brings a large and diverse collection of characters and branded assets that is extremely complementary to DreamWorks Animation’s franchise business, and we plan to leverage it across our motion picture, television, home entertainment, consumer products, digital theme park and live entertainment channels,” says DreamWorks Animation Chief Executive Jeffrey Katzenberg in a statement.
Classic Media wasn’t dead before the DreamWorks acquisition, though, and in fact has several properties currently licensed out to other studios, such as The Lone Ranger, which is currently being adapted to live action movie format by The Walt Disney Co., and Mr. Peabody and Sherman, which has a CG-animated movie due out in November 2013, from new owners DreamWorks.
Classic Media Co-Chief Executives Eric Ellenbogen, a former CEO of Marvel Entertainment, and John Engelman will run the company, but now as a division of DreamWorks.