David Geffen departs DreamWorks completely

[ALIASd]

Posted: Tue., Oct. 28, 2008, 3:30pm PT

Geffen departs from DreamWorks

Co-founder officially exits Animation board

Geffen

By Ben Fritz
Variety

David Geffens's departure from DreamWorks is complete.

DreamWorks Animation announced on Tuesday that the company co-founder is ankling the toon studio's board. Move comes soon after he declined to join the newly formed DreamWorks Studios following its departure from Paramount.

Mogul remains a major shareholder in DreamWorks Animation, with approximately 22% of the company's voting power. It's not clear how much of that he'll maintain now that he has left the board. However, company rules require that Geffen's take, combined with that of CEO Jeffrey Katzenberg, who has 47% of the voting stock, retain majority control.

"As one of DreamWorks' original founders, his vision and commitment have been vital throughout our 14-year history," Katzenberg said on a conference call with analysts. "I look forward to working with David as a trusted adviser going forward."

News came as DreamWorks Animation reported strong earnings for the summer quarter driven by boffo returns for "Kung Fu Panda," particularly in foreign markets. Pic has grossed $630 million worldwide, with $415 million of that coming from overseas. It generated $63.3 million in revenue for the toon studio after distributor Paramount took its cut and recouped costs. A sequel has already been announced for 2011.

Overall revenue was $151.5 million, down 6% from the same quarter last year, while profits fell 20% to $37.4 million. Company had a tough comparison last year in "Shrek the Third" Last year's summer blockbuster contributed $32.5 million to DWA's bottom line last quarter, mostly from international pay TV.

Geffen departs from DreamWorks - Entertainment News, Film News, Media - Variety

[kcnole]

This is the first I've heard of this, why is he leaving. Is there a schism between him and Katzenberg or is this related to something else?

[ALIASd]

The seeds for this were seemingly planted over a year ago:

The dream appears over for Spielberg and Paramount - 9/20/07

The dream appears over for Spielberg and Paramount

[ALIASd]

Posted: Tue., Nov. 18, 2008, 6:25pm PT

DreamWorks replaces Geffen

Richard Sherman fills Animation board seat

By Ben Fritz
Variety

DreamWorks Animation is filling its board seat recently vacated by David Geffen with the CEO of the David Geffen Co.

Richard Sherman, who has led the mogul's personal investment firm since 1992, was named Tuesday to the toon studio's board of directors.

Geffen himself ankled the board last month soon after he left DreamWorks Studios following its split from Paramount to restart as an independent company.

He remains the company's second-largest shareholder behind CEO Jeffrey Katzenberg, with 22% of the voting power. Appointment of Geffen's financial guru to the DreamWorks Animation board indicates that he plans to hold onto his stake and wants someone to represent his interests.

"Richard is very familiar with our company and brings a far-reaching background in finance along with substantial industry expertise," Katzenberg said in a statement.

DreamWorks replaces Geffen - Entertainment News, Business News, Media - Variety

[sir clinksalot]

Anybody find it rather ironic that the name of the person replacing Geffen is Richard Sherman???

I guess it really is a small world after all.