PAULALLEN SELLS DreamWorks Stock
YES90 / Paul Allen, Vivendi and Lee Entertainment
will sell $500 million worth five months after IPO
Animation SKG Inc., creator of the "Shrek" films, said
shareholders including Microsoft Corp. co-founder Paul Allen
planned to sell $500 million of stock five months after the
company issued stock to the public.
Entertainment and Vivendi Universal will sell shares after
the May 27 release of the film "Madagascar," Glendale-based
DreamWorks Animation said in a filing Monday with the
Securities and Exchange Commission.
Allen, 52, is
taking advantage of an almost 40% increase in DreamWorks
Animation's shares since the company's October initial
public offering. The gain comes amid declines in some of the
billionaire's other investments, including cable television
companies Charter Communications Inc. and RCN Corp.
"I don't think he
had intended to be a long-term holder when he made his
investment in DreamWorks," said Marla Backer, an analyst at
Soleil Securities Group Inc. in New York.
"It was venture
Ventures invested more than $600 million for a 24% stake in
DreamWorks SKG, the media company founded in 1994 by Steven
Spielberg, David Geffen and Jeffrey Katzenberg. That made
Allen the biggest holder in the closely held company, which
has produced Oscar-winning movies including "Gladiator" and
separated the company's live-action and music businesses
from its animation unit last year, raising $812 million in
the DreamWorks Animation IPO. The studio last year released
"Shrek 2," which became the most successful animated film
ever, taking in $918.5 million at box offices worldwide.
rose 13 cents to $39.67 on the New York Stock Exchange. The
stock has risen 42% since its first day of trading Oct.
allocated 34.6 million DreamWorks Animation Class A shares
as part of the company's public offering. He sold 4.9
million shares in November for $137.3 million. Lee, an
affiliate of South Korea's CJ Entertainment, received 5.7
million shares and Vivendi Universal got 2.7 million at the
time of the IPO.
Allen is selling
9.87 million of DreamWorks Animation shares, Lee is shedding
1.57 million and Vivendi Universal 1.26 million shares,
according to the regulatory filing.
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105 Paul Allen Sells
Some of his Dream Works Stock for
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