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Paramount Hooks Dreamworks

Paramount Hooks Dreamworks

Viacom’s Paramount Pictures is buying Dreamworks SKG — the eleven year old studio founded by David Geffen, Jeffrey Katzenberg, and Steven Spielberg — in a billion dollar pact. The deal is pegged at a price ranging from $1.4 – $1.6 billion according to news reports late Friday. The New York Times and The Wall Street Journal indicated that the turning point in Viacom topping an NBC Universal offer was the move to have other investors put up much of the money for the deal. News reports indicated that a formal deal announcement is expected in the coming days. [Eugene Hernandez]

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What are these guys buying? Some rights to about 100 flop movies? The only thing worth anything is the animation division, and that is a seperate company.I would run like a olympian away from viacom stock. At least Steven Spielberg will have a new sugardaddy.

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