Comcast buys DreamWorks Animation for $3.8 billion

'Shrek' now lives in Comcast's house.

The rumors are true: Comcast subsidiary NBCUniversal announced it has snapped up DreamWorks Animation in a $3.8 billion deal. It'll give Comcast access to successful animation properties like Shrek, Kung-Fu Panda and How to Train Your Dragon, which should complement the NBCUniversal franchises Despicable Me and Minions. And, in a strange twist, the acquisition will also reunite DreamWork's Animation with its live action sibling, which was rebranded as Amblin Partners last year and already has a distribution deal with Universal.

The deal is expected to close by the end of the year, and Comcast says it doesn't foresee any regulatory opposition. Once everything is settled, DreamWorks CEO Jeffrey Katzenberg will step down and serve as chairman of DreamWorks New Media, and he'll also be a consultant for NBCUniversal.