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March 9, 2021
Entertainment International Life

Spielberg’s DreamWorks to shift to Universal before year end – Variety

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Image: Film director Steven Spielberg walks the red carpet before the Kennedy Center Honors at the Kennedy Center in Washington December 6, 2015. REUTERS/James Lawler Duggan

REUTERS – DreamWorks Studios, the film company co-founded by Steven Spielberg, has struck a deal for a $200 million equity investment by entertainment company Participant Media, and will shift to Universal Pictures for distribution before the end of the year, Variety reported, citing sources familiar with the situation.

The final details of the deal are still being worked out, but is expected to be wrapped up within days, Variety reported.

Participant Media was founded in 2004 by billionaire and former eBay Inc President Jeff Skoll.

DreamWorks had turned to Disney late in 2008 when Universal balked at its demand for more upfront money and fees from Universal’s TV distribution pact with HBO, a source close to the matter had told Reuters.

DreamWorks Studios, Participant Media, Comcast Corp’s Universal Pictures and Disney were not immediately available for comment.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Shounak Dasgupta)

Copyright 2015 Thomson Reuters. Click for Restrictions.

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