Geffen departs from DreamWorks
FROM VARIETY: Studio reports strong summer-quarter earnings
By Ben Fritz of Variety -- Video Business, 10/29/2008
OCT 29 | FROM VARIETY: David Geffen'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.
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.
Shrek the Third has sold more than 20.5 million DVD units. Last fall's so-so performer Bee Movie generated $27.3 million, primarily from domestic pay TV, and has sold 7.5 million DVDs.
Read the full story on Variety.com.
