DreamWorks CEO Jeffrey Katzenberg Payouts to Top $400 Million Following Comcast Deal
12 Julio 2016 - 2:18PM
Noticias Dow Jones
By Erich Schwartzel
In addition to cashing out nearly $400 million in company stock,
DreamWorks Animation SKG Inc. Chief Executive Jeffrey Katzenberg
can expect an additional payout of about $44.5 million when he
departs his studio following its expected sale to Comcast Corp.,
according to a regulatory filing released Monday.
Mr. Katzenberg, who has been CEO of the "Shrek" and "Madagascar"
studio since it went public in 2004, will receive about $14.9
million in cash payments tied to vested stock-appreciation rights
and about $29.6 million in a change-in-control payout when he
leaves the company as part of the deal. Those amounts are on top of
about $380 million he will receive for his existing equity in the
company.
Comcast agreed to buy DreamWorks in late April for $3.8 billion
of cash, or $41 a share. News of the tie-up came after about two
weeks of negotiations with Comcast, who approached DreamWorks about
a sale while the company was in separate deal talks with PAG Asia
Capital, a Chinese private-equity firm, according to the filing
with the Securities and Exchange Commission.
Mr. Katzenberg's role at DreamWorks following the acquisition
was among the sticking points of the talks, with the executive at
one point offering to take a reduced role at the company if Comcast
boosted its offer, according to the filing.
Mr. Katzenberg is set to become chairman of DreamWorks New
Media, a venture that will include NBCUniversal's interests in the
AwesomenessTV online video company and the 3-D technology business
NOVA, following the sale.
--Ben Fritz contributed to this article.
Write to Erich Schwartzel at erich.schwartzel@wsj.com
(END) Dow Jones Newswires
July 12, 2016 15:03 ET (19:03 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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