Deadline is reporting that DreamWorks Animation has entered into an agreement to purchase animation studio and video distributor Classic Media for US$155 million. As part of the deal, DreamWorks will take on Classic Media's undisclosed debt with purchase; however, either company may cancel the deal if it fails to close by October 20, 2012.

Classic Media holds the rights for Voltron and Saber Rider and the Star Sheriffs.

Lesley Aeschliman