Paramount Pictures acquires DreamWorks
Los Angeles: Paramount Pictures is acquiring DreamWorks for $1.6 billion in cash and debt. DreamWorks is known for some memorable films like 'Saving Private Ryan.'

However, DreamWorks will remain an active moviemaker in Paramount's stable of companies under the new Viacom Inc.

Spielberg, among the top Hollywood directors, has committed to produce four to six movies a year for the film and TV studio under a deal with Paramount.

Katzenberg earlier the chief executive of DreamWorks will be chief executive officer of DreamWorks Animation SKG Inc., the company specializing in computer-drawn movies like Shrek.

Spielberg will be free to produce and direct movies and TV shows with other studios.
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