The animation studio that created Shrek, Madagascar, Kung Fu Panda and How to Train Your Dragon has acquired the parent company of Big Idea and its popular VeggieTales brand.

DreamWorks Animation SKG announced this week that it has entered into an agreement to buy Classic Media for $155 million in cash from Boomerang Media Holdings LLC, a portfolio company of Chicago-based private equity firm GTCR.

Classic Media owns one of the most extensive portfolios featuring many of the best-known franchises in family entertainment, including Lassie, The Lone Ranger, Rocky & Bullwinkle, Where's Waldo? and George of the Jungle.

In 2009, Boomerang Media LLC purchased Big Idea and Classic Media, which bought Big Idea after the company filed for bankruptcy in 2003.

"As we approach celebrating Big Idea's 20th anniversary [in 2013], we couldn't be more pleased to join the DreamWorks Animation team," said Leslie Ferrell, general manager of Big Idea. "DreamWorks Animation respects and supports Big Idea's successful history in producing faith-based, family friendly entertainment and is committed to supporting our growth. We expect many wonderful things to come of this partnership."

DreamWorks Animation CEO Jeffrey Katzenberg said Classic Media "brings a large and diverse collection of characters and branded assets that is extremely complementary to DreamWorks Animation's franchise business." "We plan to leverage it across our motion picture, television, home entertainment, consumer products, digital, theme park and live entertainment channels," he said.

Classic Media has approximately 80 employees and is headquartered in New York City, with offices in the U.K. and at its Nashville-based Big Idea division.