Paul Allen is continuing to cash out from Hollywood, selling some 15 million of his remaining shares in DreamWorks Animation in a move that's triggered his resignation from the toon studio's board of directors.

Goldman Sachs has agreed to underwrite a public offering of 10 million of the mogul's shares, which should bring him more than $300 million.

In an effort to minimize the dilutive effect of the new offering, DreamWorks Animation will spend $150 million to buy back additional shares from Allen. Company will pay the same price as Goldman Sachs, which should result in its acquisition of between 4 million and 5 million shares.

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