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.