Paramount buys DreamWorks studio
Paramount film studios, part of Viacom, has purchased DreamWorks SKG for $2.1 billion in cash, the company says in a statement.
DreamWorks, which created successful computer animated features such as Shrek, was also sought after by NBC Universal, a unit of General Electric.
In the deal, Paramount Golden Goose Outlet assumed DreamWorks debt.
The final deal gives Paramount access to 59 films in DreamWorks' library, including Gladiator, American Beauty, War of the Worlds, Saving Private Ryan, and Catch Me if You Can, which Paramount plans to https://www.goldengooseshoesit.com/ sell off, the statement says.
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, also of DreamWorks, are to produce four to six live-action films per year of the 14-16 films Paramount said it expects to make next year.
DreamWorks Animation also announced that it had struck a seven-year deal to distribute its films in theatres, television and home DVD and video players worldwide.
The agreement was conditioned on Paramount's purchase of DreamWorks.
"We are pleased with the benefits this new relationship provides DreamWorks Animation," Jeffrey Katzenberg said, chief executive of DreamWorks Animation.
DreamWorks Animation receives $100 million to pay off debt.
DreamWorks Animation will also be able to collaborate on new television programing owned by Paramount's parent company, Viacom, including Nickelodeon, MTV, Nick at Nite, VH1, BET, TV Land, and Comedy Central.
"Over the past decade, DreamWorks Animation has produced some of the industry's most successful movies including the highest grossing animated movie of all time," Brad Grey, chief executive of Paramount Pictures Group, said.
- AFP
