Movies
Paramount Pictures has bought rival movie studios Dreamworks SKG.
Viacom, who owns Paramount, is paying $1.6bn (£914m) for the company. It will take on Dreamwork's debt and spend more than $1bn in cash.
Dreamworks was set up as an independent studio 11 years ago, combining the creative talents of three big names - Steven Spielberg, David Geffen and Jeffrey Katzenberg. They reportedly plan to stay with the company.
The company created blockbusters including Gladiator, American Beauty, and Saving Private Ryan – the rights to which will now go to Paramount. Reports say it plans to sell off the rights, which would expectedly fetch $850m to $1bn.
Spielberg said: “I am thrilled by today's announcement of the deal with Viacom/Paramount, who came recently to the table and were able to conclude and sign agreements quickly.???
He added that he was "saddened" that a planned sale to Universal studios fell through. “After long negotiations and many compromises, we were unable to come to terms with Universal's parent company, GE.???
Viacom, who owns Paramount, is paying $1.6bn (£914m) for the company. It will take on Dreamwork's debt and spend more than $1bn in cash.
Dreamworks was set up as an independent studio 11 years ago, combining the creative talents of three big names - Steven Spielberg, David Geffen and Jeffrey Katzenberg. They reportedly plan to stay with the company.
The company created blockbusters including Gladiator, American Beauty, and Saving Private Ryan – the rights to which will now go to Paramount. Reports say it plans to sell off the rights, which would expectedly fetch $850m to $1bn.
Spielberg said: “I am thrilled by today's announcement of the deal with Viacom/Paramount, who came recently to the table and were able to conclude and sign agreements quickly.???
He added that he was "saddened" that a planned sale to Universal studios fell through. “After long negotiations and many compromises, we were unable to come to terms with Universal's parent company, GE.???
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