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Allen puts distance between him, DreamWorks


August 07, 2007 Paul Allen, whose $500 million investment a dozen years ago was instrumental in the founding of DreamWorks SKG, said Monday that he will sell off a significant portion of his investment in the company's animation studio spinoff and resign his board seat. The multibillionaire co-founder of Microsoft will sell $150 million worth of DreamWorks Animation stock back to the company, and he will sell an additional 10 million shares to the public in a secondary offering underwritten by Goldman Sachs and Bear Stearns. Allen's resignation will leave DWA with 10 board members, and the company hasn't decided whether it will soon add to it, head of investor relations Rich Sullivan said.

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