There isn't a magic IP today for kids because so many things quickly become irrelevant for kids. Even Spongebob is on his way out.
I'm skeptical that Universal would partner with CN and their Turner executives. They're not exactly known for it. Nickelodeon is a far safer bet especially with Nick having a big programming shake up because of their ratings. Most of their live action shows are dead, and all they really have left to offer is a declining spongebob, fairly odd parents, and avatar.
Most of us are aware that the Dreamworks ship has probably sailed, so that's doubtful. It'll be interesting to see the final results. If I was Comcast, I'd be really careful about franchises.
On the other hand, how much do kids really care? I wouldn't exactly say that Popeye, Jurassic Park, or even Kid Zone in its present resound with kids these days. And in reality, every day the kids are all over the play areas. It's something for them, they're pretty apathetic to the specific theme.