Allen Unloads More DreamWorks Shares
Allen sold about 2.4 million shares of DreamWorks for roughly $75 million. He made the sale last week through DW Investment II, an entity he formed for his holdings in the company, according to a filing with the Securities & Exchange Commission.
The latest sale reduces Allen's remaining stake in the company to less than 5 million shares. In August, Allen cut his stake in DreamWorks from 21 million shares to nearly 7 million shares and resigned from the company's board of directors.
Shares of DreamWorks slipped 36 cents, or 1.2%, to $29.57 Tuesday. The stock is now up 5.6% from where it opened its initial public offering in October 2004.Allen paved the way for the selling last fall, when he opted to unwind Holdco, DreamWorks' founding partnership that also included Hollywood moguls Steven Spielberg, DreamWorks' CEO Jeff Katzenberg and David Geffen, among others. DreamWorks still has a board stacked with corporate superstars, like Ebay (EBAY) CEO Meg Whitman and Starbucks (SBUX) Chairman Howard Schultz. Allen's latest sale comes after some analysts on Wall Street have expressed doubts about the success of the company's latest film, Bee Movie, which was created by sitcom legend Jerry Seinfeld. The movie led box office results in North America last weekend with a three-day haul of $26 million, down from its debut weekend, which brought in $39.1 million. Allen could not be immediately reached for comment on the sale.
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