Paramount film studios, part of Viacom, has purchased DreamWorks SKG for $1.6 billion in cash. Paramount has assumed DreamWorks debt.
The final deal gives Paramount access to 59 films in the DreamWorks' library, including Gladiator, American Beauty, War of the Worlds, Saving Private Ryan, and Catch Me if You Can, which Paramount plans to sell off.
Paramount takes over all of DreamWorks' current projects and creates an ongoing partnership with Steven Spielberg, who has directed some of DreamWorks' most successful films. Spielberg and David Geffen, are to produce four to six live-action films per year of the 14-16 films Paramount said it expects to make next year. This makes DreamWorks a vital part of Paramount going forwards.
For Paramount this is not just an acquisition of a studio and its catalogue of films, it is also just as importantly a partnership with Spielberg and Geffen. Such a partnership was clearly of less importance to NBC Universal and may be the a key reason why DreamWorks has been suddenly snatched by Paramount.
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