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Comcast to buy Dreamworks for $3.8bn

Do Not UseDo Not Use 28/04/2016
Actor Jack Black attends the press conference for Kung Fu Panda 3 on 20 January, 2016 in Seoul, South Korea: Jack Black is back as the fast-talking, dumpling-loving panda, Master Po, in Kung Fu 3 © Getty Images Jack Black is back as the fast-talking, dumpling-loving panda, Master Po, in Kung Fu 3

Comcast has announced its NBCUniversal unit will buy DreamWorks Animation for $3.8bn (£2.6bn) in cash.

DreamWorks is behind a series of animated hit films including Shrek and Kung Fu Panda.

The deal will put Comcast in direct competition with Disney.

"DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come," said Steve Burke, chief executive of NBCUniversal.

Shares in DreamWorks had risen almost 19% on Wednesday after reports of a deal broke.

Comcast, which is the largest cable firm in the US, reported better-than-expected first quarter results on Wednesday, boosted by a big jump in pay-TV customers,

Net income rose 3.6% to $2.1bn, with total revenues up 5.3% to $18.8bn.

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