DreamWorks' initial offering pulls in 812M
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DreamWorks' initial offering pulls in 812M
DreamWorks' initial
offering pulls in 812M
BY BRETT COLE
BLOOMBERG NEWS
DreamWorks Animation creator of "Shrek" and "Shark Tale," raised $812 million in an initial public offering to fund more moviemaking.
DreamWorks Animation and shareholders sold 29 million shares at $28 each - above a price of $23 to $25 indicated in a Securities and Exchange Commission filing earlier yesterday.
"This was a perfect time for DreamWorks to hit the market with the success of 'Shrek' and 'Shark Tale,' " said Robert Routh, a senior analyst at Jefferies & Co. "This is a hit-driven business. DreamWorks has the brand and the management team that people know."
By selling now, DreamWorks Animation CEO Jeffrey Katzenberg capitalizes on a year of box-office successes with "Shrek 2," which has sold $436.5 million in tickets and is the year's top box-office performer, and "Shark Tale," which has brought in $138 million. The animation unit has made money in two of the last five years, the company said.
Katzenberg founded DreamWorks in 1994 together with film director Steven Spielberg and music executive David Geffen. Four of DreamWorks Animation's nine films were made using computer-generated animation.
DreamWorks Animation's market value is $2.96 billion. Rival animated film company Pixar Animation Studios has a market value of $4.5 billion and its stock has gained 15% this year.
DreamWorks said it can put out two computer-generated animation movies a year. Its next computer-animated film will be "Madagascar," to be released in spring of 2005. The next 12 movies after "Shark Tale" will be distributed through DreamWorks Studios.
Its shares will begin trading this morning on the New York Stock Exchange.
DreamWorks Animation shareholders such as Microsoft co- founder and billionaire Paul Allen and Vivendi Universal also sold stock in the IPO.
Originally published on October 28, 2004
offering pulls in 812M
BY BRETT COLE
BLOOMBERG NEWS
DreamWorks Animation creator of "Shrek" and "Shark Tale," raised $812 million in an initial public offering to fund more moviemaking.
DreamWorks Animation and shareholders sold 29 million shares at $28 each - above a price of $23 to $25 indicated in a Securities and Exchange Commission filing earlier yesterday.
"This was a perfect time for DreamWorks to hit the market with the success of 'Shrek' and 'Shark Tale,' " said Robert Routh, a senior analyst at Jefferies & Co. "This is a hit-driven business. DreamWorks has the brand and the management team that people know."
By selling now, DreamWorks Animation CEO Jeffrey Katzenberg capitalizes on a year of box-office successes with "Shrek 2," which has sold $436.5 million in tickets and is the year's top box-office performer, and "Shark Tale," which has brought in $138 million. The animation unit has made money in two of the last five years, the company said.
Katzenberg founded DreamWorks in 1994 together with film director Steven Spielberg and music executive David Geffen. Four of DreamWorks Animation's nine films were made using computer-generated animation.
DreamWorks Animation's market value is $2.96 billion. Rival animated film company Pixar Animation Studios has a market value of $4.5 billion and its stock has gained 15% this year.
DreamWorks said it can put out two computer-generated animation movies a year. Its next computer-animated film will be "Madagascar," to be released in spring of 2005. The next 12 movies after "Shark Tale" will be distributed through DreamWorks Studios.
Its shares will begin trading this morning on the New York Stock Exchange.
DreamWorks Animation shareholders such as Microsoft co- founder and billionaire Paul Allen and Vivendi Universal also sold stock in the IPO.
Originally published on October 28, 2004
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