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BREAKING NEWS

Paramount Pictures buy out Spielberg's Dreamworks

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Paramount Pictures buy out Spielberg's Dreamworks

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One of Hollywood’s biggest film studios has bought Steven Spielberg’s Dreamworks production company for 1.3 billion euros. Paramount Pictures and its media conglomerate parent Viacom sealed the deal after talks lasting a week.

The buy out ends the efforts of Spielberg and two other movie moguls to build an independent production empire to rival the big industry players. Spielberg, the director of films like Schindler’s List and Saving Private Ryan, will stay on as producer/director and studio co-founder David Geffen will remain as chairman. The deal also gives Viacom distribution rights over Dreamworks’ computer animated films like Shrek. Viacom also plans to sell Dreamworks’ 59 title library, including films like Gladiator and the Oscar-winner American Beauty.