Dreamworks Library Sold to Soros
Charles Johnson
Fri Mar 17, 2006 at 8:22 pm PST • Views: 168
Left wing billionaire übermoonbat George Soros has purchased the Dreamworks film library from Viacom: DreamWorks films sold for $900m to Soros consortium. (Hat tip: Newsbeat1.)
GEORGE SOROS, the billionaire financier, has taken control of the film library of DreamWorks SKG from Viacom, the entertainment giant, in a deal worth $900 million (£510 million).
Two of Mr Soros’s investment vehicles — Soros Strategic Partners and Dune Capital Management — will share control of the venture.
Viacom is selling rights to 59 DreamWorks films, including Gladiator, American Beauty and Saving Private Ryan. The portfolio covers DreamWorks’ nonanimation films made between 1994 — when the studio was formed by Steven Spielberg, David Geffen and Jeffrey Katzenberg — and September last year. The Soros consortium will distribute the library through an exclusive five-year agreement with Paramount Pictures, Viacom’s entertainment arm.
Mr Soros is buying the DVD and rebroadcasting rights to the films, two of which won Oscars for Best Picture. Proceeds from the sale will help Paramount Pictures to finance its $1.6 billion acquisition of the DreamWorks film studio.
Frank says: