The investment consortium that comprises the owners of Univision Communications want out! So they've agreed to combine the company with DreamWorks Animation in a deal that also calls for DreamWorks' dual-class stock structure to be unwound. Jeffrey Katzenberg's Class B shares, worth fifteen votes apiece, will all be converted to Class A shares, worth one vote apiece. The shareholders in Univision Communications will receive two shares of DreamWorks Animation for each Univision share they own. The eight-person board of DreamWorks Animation will expand to ten members, with five selected by DWA and five selected by Univision. The Univision consortium will own roughly 75% of the new company, and Univision chairman Haim Saban will become the chairman of DreamWorks. Katzenberg will remain the CEO of the company.
What, after SoftBank and Hasbro, I figured I could get more cockamamie!
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