Glendale, Calif. - Digital animation studio DreamWorks Animation SKG (NYSE: DWA) has announced plans to repurchase $150 million of its outstanding shares, a move usually taken by companies who believe their stock is undervalued in the current market.

The company said it will buy shares in the open market, in block trades or in privately negotiated transactions.

The studio's titles include "Shrek," "Shark Tale" and the recent "Bee Movie."

DreamWorks Animation shares were up 6.5% in mid-day trading on Tuesday.

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