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]