Jeffrey Katzenberg now controls 61 percent of voting stock at DreamWorks Animation
Jeffrey Katzenberg has bolstered his control of DreamWorks Animation after David Geffen has converted his stock to shares that carry less voting power, the studio revealed in filings with the Securities and Exchange Commission.
Geffen, who founded DreamWorks Studio with Katzenberg and Steven Spielberg in 1994, has converted three million Class B shares into Class A stock, the studio said. That leaves Katzenberg and entities he controls with 61 percent of the company's voting stock.
"Upon such conversion, the Geffen Entities ceased to own any shares of Class B Common Stock," DreamWorks said in its filing.
A spokeswoman for the studio declined to comment.
DreamWorks Animation, which spun off from DreamWorks in 2004, has had a roller-coaster stock ride. Many analysts complain that its business is not diversified and that its animated films are at the mercy of a declining home entertainment market. Despite that, it has managed to create a series of hit animated franchises such as "Shrek" and "Kung Fu Panda."
The company's stock was down 2.93 percent to $19.54 a share as of 9:50 a.m. ET Tuesday.