Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.

Paramount Pictures buy out Spielberg's Dreamworks

Paramount Pictures buy out Spielberg's Dreamworks
Euronews logo
Text size Aa Aa

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.