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Paramount close to selling DreamWorks library: WSJ
2006-03-17
Viacom Inc.'s (NYSE:VIA) Paramount Pictures is close to completing a $900 million deal to sell its DreamWorks film library to financier George Soros's investment fund, the Wall Street Journal said on Friday, citing sources familiar with the situation. Paramount, which acquired the film library in its recent $1.6 billion purchase of DreamWorks SKG, had previously said it hoped to help defray costs of the deal by selling the DreamWorks library of 59 titles, including "Gladiator" and "American Beauty." Under terms being discussed Paramount would be able to keep a stake in the library and has the option to eventually buy it back, the report said. It also has the right to distribute titles in the library for an 8 percent fee, the Journal said. The sale to Soros's fund would reduce Paramount's financial exposure on its DreamWorks SKG acquisition to about $700 million, the report said.
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