DreamWorks Animation Soars as DirecTV’s Merchant Named CFO

DreamWorks Animation SKG Inc. (DWA), the independent cartoon-movie studio, jumped the most in almost 10 months after appointing DirecTV executive Fazal Merchant as chief financial officer.

The shares advanced 9.4 percent to $22.55 at the close in New York, the biggest gain since Oct. 30.

Merchant, who succeeds Lew Coleman, joins the company on Sept. 15, Glendale, California-based DreamWorks Animation said today in a statement. Most recently, Merchant was CFO for Latin America at DirecTV, the largest U.S. satellite-TV operator.

DreamWorks Animation said Coleman will remain at the company as its vice chairman, where he’ll focus on global growth. The company’s “How to Train Your Dragon 2” took in $5.6 million in its opening day in China last week, bringing its total global sales to more than $500 million, according to a statement Aug. 15. The film is highest-grossing animated feature released this year.

To contact the reporter on this story: James Callan in New York at jcallan2@bloomberg.net

To contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net James Callan, Rob Golum

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.