|
Paramount abandons DreamWorks bid
2005-10-21
LOS ANGELES - Paramount Pictures will not bid for DreamWorks SKG, insiders said Thursday, leaving founders Steven Spielberg, Jeffrey Katzenberg and David Geffen just one standing offer -- from Universal Studios -- to consider.Paramount was interested in acquiring DreamWorks, which one Paramount source called "a terrific asset," though the company decided against the idea in favor of concentrating on Viacom's impending split into two companies, people familiar with the situation said Thursday. Spokesmen for Paramount and Viacom, its parent company, refused comment Thursday, as did a spokeswoman for DreamWorks. Geffen first acknowledged that DreamWorks was considering a sale three weeks ago when a deal with Universal unraveled over the latter's last-moment decision to renegotiate the price lower. Sources said Universal made DreamWorks another offer last week of about $1 billion. With Viacom CEO Sumner Redstone focused on forming two companies by year's end, one to be led by Tom Freston and the other by Les Moonves, "it would be impossible" to launch a bid for DreamWorks now, a Viacom insider said. Reuters/Hollywood Reporter
Viacom profit up 27 pct on cable ad sales (2006-08-09)Google to distribute MTV clips with ads (2006-08-07)Paramount abandons DreamWorks bid (2005-10-21)Iger to succeed Eisner as Disney CEO (2005-03-13)Jackson, Timberlake Still Slated for Grammys (2004-02-04)
| 
