UPDATE 2-Paul Allen sells 2.4 mln DreamWorks shares

(Adds Allen spokesman, recasts lead)

LOS ANGELES, Nov 13 (Reuters) - DreamWorks Animation (DWA.N: Quote, Profile, Research, Stock Buzz) SKG Inc on Tuesday said Microsoft Corp co-founder Paul Allen sold 2.4 million DreamWorks shares, valued at $75 million, after unloading about 14 million shares this summer.

A spokesman for Allen said the reduction in his Dreamworks Animation stake to now under 5 million shares was part of an ongoing effort to rebalance his portfolio.

Back in August, Allen cut his stake in Dreamworks from 21 million shares to nearly 7 million shares and resigned from the Dreamworks board.

According to a U.S. Securities and Exchange Commission filing on Tuesday, Allen's entity DW Investment II Inc sold 2.4 million shares for $31.06 per share, valuing the stake at some $75 million overall.

The company's stock was off 81 cents, or 2.7 percent, to $29.12 a share in afternoon trading on the New York Stock Exchange. (Reporting by Sue Zeidler; Editing by Christian Wiessner)