Paramount Pictures, a unit of Viacom Inc. today announced it has closed its acquisition of DreamWorks SKG for $1.6 billion in cash and assumption of debt.
The announcement was made by Paramount Chairman & CEO Brad Grey.
The company also noted it is well along in its process to sell the DreamWorks live action film library.
Under the agreement, Steven Spielberg and David Geffen of DreamWorks will remain in their respective roles as producer/director and Chairman. In addition, the company has entered into an exclusive 7-year agreement to distribute films from DreamWorks Animation, led by Chairman Jeffrey Katzenberg.
Paramount Pictures is part of the entertainment operations of Viacom Inc., one of the leading global entertainment content companies, with prominent and respected brands in focused demographics across virtually all media.
Viacom is one of the leading global entertainment content companies, with prominent and respected brands in focused demographics across virtually all media. Offering programming and content for television, motion pictures and digital platforms, Viacom's world-class brands include MTV Networks (MTV, VH1, Nickelodeon, Nick at Nite, Comedy Central, CMT: Country Music Television, Spike TV, TV Land, Logo and more than 100 networks around the world), BET,Paramount Pictures, Paramount Home Entertainment, DreamWorks SKG and Famous Music.
