DreamWorks Animation SKG Inc. (DWA:US), the independent cartoon-movie studio, jumped the most in almost 10 months after appointing DirecTV executive Fazal Merchant as chief financial officer.
The shares (DWA:US) advanced 9.7 percent to $22.60 at 12:25 p.m. in New York, after rising to $22.66, the biggest intraday gain since Oct. 30, 2013.
Merchant, who succeeds Lew Coleman, joins the company on Sept. 15, Glendale, California-based DreamWorks Animation said today in a statement. Most recently, Merchant was CFO for Latin America at DirecTV, the largest U.S. satellite-TV operator.
DreamWorks Animation said Coleman will remain at the company as its vice chairman, where he’ll focus on global growth. The company’s “How to Train Your Dragon 2” took in $5.6 million in its opening day in China last week, bringing its total global sales to more than $500 million, according to a statement Aug. 15. The film is highest-grossing animated feature released this year.
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