Paramount Pictures is to sell its DreamWorks film library rights to George Soros' investment fund and Dune Capital Management for $900 million.

The publisher wants to regain some of the $1.6 billion it spent on DreamWorks SKG by selling the collection of 59 titles, including hits such as Gladiator and American Beauty.

Paramount will hold on to music, sequel and merchandising rights as well as maintaining a five-year deal to distribute the films. It also has a minority stake in the library and an option to buy it back in five years.