Viacom and Disney are getting their ducks in a row, closing key transactions closely linked to the success of their respective film studios.
Viacom said Monday it’s completed the $900 million sale of the DreamWorks film library to Soros Strategic Partners and Dune Entertainment, the last chapter in a transaction that’s gone a long way toward redrawing Paramount Pictures.
Viacom and Soros announced the deal for the 59-title library March 17. It was one Wall Street had eagerly anticipated to defray the cost of Viacom’s larger $1.6 billion purchase of DreamWorks. DreamWorks’ projects are helping to beef up the slate at Par, where major changes in management and strategy had left the cupboard bare.
Dune Entertainment is a subsid of Dune Capital Management.
Separately, Mouse CEO Robert Iger announced Disney’s completed its circa $7.4 billion acquisition of Pixar. That pact was announced in January in a bid to restore the Mouse’s lost luster as a temple of feature animation.
“As we begin the next chapter, all of us at Disney are pleased to welcome the incredibly talented Pixar team to our company,” Iger said in a statement.
Pixar shareholders approved the deal late last week.
Steve Jobs, formerly Pixar chairman-CEO, has joined Disney’s board as a non-independent director.