Paramount To Purchase DreamWorks In $1.6B Deal

Paramount To Purchase DreamWorks In $1.6B Deal: "Paramount Pictures, a unit of Viacom Inc., has signed a definitive agreement to acquire DreamWorks SKG for $1.6 billion in cash and assumption of debt, the studio announced Dec. 11.

The deal brings Paramount all of DreamWorks' current projects in development; an ongoing production partnership with Steven Spielberg and David Geffen, two of DreamWorks' co-founders; an exclusive, worldwide distribution agreement with DreamWorks Animation beginning in 2006; DreamWorks' live-action library; and DreamWorks' television division and its properties."