Paramount Pictures deal for Dreamworks, announced yesterday, marks another move to consolidate power in Hollywood. Dreamworks was founded 11 years ago with dreams of creating an independent studio, but over the years the company shed its plans for a studio lot, TV production, a music label and a dotcom division. While David Geffen put a positive spin on the decision to sell to Viacom’s Paramount during a conference call Sunday, he added that the company simply couldn’t produce enough films to justify a separate marketing and distribution unit. So now, like the recent acquisition of MGM by Sony, another film production entity is owned by one of the major media conglomerates, leaving General Electric, Disney, News Corp, Time Warner, and Sony with control over most large and small entertainment companies.
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