Allen Sells Animation Shares for $137 Million
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Billionaire Paul Allen, who co-founded Microsoft Corp. with Bill Gates, sold 4.9 million of his DreamWorks Animation shares for $28 apiece, or $137.3 million.
Allen was to sell the shares last week under the over-allotment clause of the studio’s initial public offering, which priced the stock at $28 each.
After the sale, Allen held 7.73 million DreamWorks class A shares, according to a filing with the Securities and Exchange Commission. DreamWorks spokesman Andrew Spahn declined to comment Thursday.
Glendale-based DreamWorks, creator of the “Shrek” and “Shark Tale” computer-animated movies, raised $812 million in the IPO. Allen, 51, was an early investor in the studio, which was started by director Steven Spielberg, music executive David Geffen and former Walt Disney Co. executive Jeffrey Katzenberg.
DreamWorks stock rose $1.72 to $40.35 on the New York Stock Exchange. The shares are up 44% from the IPO price.
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