DreamWorks Animation shares surged nearly 19 percent Wednesday, closing at more than $32 a share, after reports emerged that Comcast Corp. is in talks to buy the Glendale studio for more than $3 billion.

The acquisition of DreamWorks Animation, the company behind hit franchises such as “Shrek” and “Kung Fu Panda,” would make strategic sense for Comcast, parent company of NBCUniversal, according to Portland-based analysts Andy Hargreaves and Evan Wingren of Pacific Crest Securities.

“Comcast would be able to utilize DreamWorks’ theatrical and TV content on its on-demand platforms,” wrote Hargreaves and Wingren in today’s report. “DreamWorks’ leverage to China would also be beneficial to Comcast’s existing efforts there.”

The deal would also allow Comcast to use DreamWorks’ intellectual property across theme parks such as Universal Studios Hollywood without paying a fee. It would also bring another powerhouse animation studio into Comcast’s fold. The media conglomerate already owns Santa Monica’s Illumination Entertainment – responsible for the “Despicable Me” and “Minions” films.

According to reports, Katzenberg is likely to exit if the deal goes through. He would receive a total payout of $21.9 million according to the latest DreamWorks proxy statement.

Comcast shares closed slightly above $61 on Wednesday for a gain of less than 1 percent. Both DreamWorks and Comcast declined to comment.