Comments: Comcast has offered $3.8 billion for the production company DreamWorks. This represents nearly a 10% premium for DreamWorks on a stock that is already at 151.8% FV. If Comcast were at a higher valuation it might be a reasonable acquisition, but the stock is only at 104.5% FV. This appears to be a high premium to pay for a company that creates beloved characters, but not box-office runaway hits. I don’t believe Comcast will be able to duplicate the resource library Walt Disney is creating with Marvel and Lucas.