DreamWorks Animation Chief Executive Jeffrey Katzenberg has strengthened his voting clout on the company's board of directors.
David Geffen, co-founder of DreamWorks Animation, converted 3 million of his Class B shares to Class A shares, which don't carry as many votes and are sold on the open market, according to a regulatory filing.
Following the conversion on Oct. 2, Geffen entities ceased to own any shares of Class B common stock in DreamWorks Animation, the Glendale-based producer of the "Shrek" and "Madagascar" computer animated movies.
“All of the shares of Class B Common Stock, which represent approximately 61% of the Company’s total voting power, are held by Jeffrey Katzenberg and entities controlled by him," the company said in a filing with the Securities and Exchange Commission.
The company said it now has a total of 76,521,156 shares of its Class A Common Stock outstanding and a total of 7,838,731 shares of its Class B Common Stock outstanding.
DreamWorks Animation's share price has climbed 18% this year and closed at $20.13 on Monday.
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