- If it seems like NBCUniversal (CMCSA +1.6%) moved quickly from rumor to inked deal on its scquisition of DreamWorks Animation (DWA +0.3%), it's because there really was a race, against yet another Chinese investor in U.S. entertainment.
- PAG Asia Capital was the mystery bidder for the studio, The Wall Street Journal reports. But Comcast's premium won the day.
- Comcast agreed to pay $3.8B for DreamWorks Animation, or $41/share in cash. DWA has since traded up to $40/share.
- PAG has $15B under management and last month agreed to go in with Apex Technology on a purchase of Lexmark. Meanwhile, over the past year Chinese firms have bought into U.S. theatrical exhibitions and film studios as well as kicking the tires on a minority stake in Paramount Pictures.
- Now read Merger Arbitrage Opportunity: Comcast To Buy DreamWorks »