edit : I just checked the internet and found that they've released DREAMWORKS SUPER STAR KARTZ in 2011 :
http://www.youtube.com/watch?v=wqID-jv1hJA
I guess they just used their works and changed the visuals.
We were in talks to do this, given we did Madagascar Kartz. In fact, when we first started talking to Activision about Madagascar Kartz it was actually supposed to cover more Dreamworks franchises but then they scaled it back (though it did include Shrek and Monsters vs Aliens characters and tracks). We ended up doing Madagascar Kartz from scratch in about 7 months across PS3, 360, and Wii for a very modest budget (it was a "value" title). It sold 1.2m units from the last report I've seen, and made Activision a ton of money.
Of course, rather than have us roll just onto a Dreamworks "sequel", they wouldn't give it to us unless we took on something else they wanted to farm out which we didn't want to touch (budget way too low and timeframe too short for us to do a quality game even by budget standards). So we walked away from it all.
Unfortunately, the contract we cut with Activision meant they had no source code or assets for the Madagascar game from us. So they had to build the Dreamworks game including all assets from scratch. It reviewed lower than our game.
So shortsighted. We were in a great position tech/asset wise and actually (strangely) really interested in doing a Madagascar Kartz "sequel", even given the paltry budget it would have had.