Viacom Inc.'s Paramount Pictures has agreed to buy DreamWorks SKG, the storied California studio that has been seeking $1 billion to change hands.
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Paramount's deal comes after DreamWorks ended talks with General Electric Co.'s NBC Universal, the Wall Street Journal said Friday.
The price is understood to be around $1 billion plus the assumption of about $500 million in debt.
Paramount's deal gives it access to the studio founded by Steven Spielberg, Jeffrey Katzenberg and David Geffen. It does not, however, give it access to the separate, publicly traded DreamWorks Animation SKG -- though Paramount is expected to have rights to distribute the animation company's movies.
Talks with Universal broke down earlier this year when parties failed to come to terms on price during exclusive negotiations.
