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Japan's SoftBank (9984.T) is in talks to acquire DreamWorks Animation SKG (DWA.O) in a deal that valued DreamWorks at as much as $3.4 billion, media reported on Sunday.

A SoftBank spokesman said the company had no comment.

The acquisition talks were reported by The Hollywood Reporter, Variety and The Wall Street Journal.

The Hollywood Reporter quoted an unidentified source with knowledge of the deal as saying an acquisition would value DreamWorks at $3.4 billion.

That would value DreamWorks Animation at $32 per share. The stock closed at $22.36 on Friday.

DreamWorks, based in Glendale, California, has produced 29 animated feature films, including franchise hits like "Shrek" and "Madagascar."