Under the agreement, DreamWorks' famous founders, Steven Spielberg and David Geffen, will remain in their respective roles as producer-director and chairman in the new entity.
Paramount is financing the deal by selling the DreamWorks live-action film library, which the studio claims is worth between US$850 million and US$1 billion. Paramount will however maintain distribution rights to the library.
Drew Barrymore and Hugh Grant are set to duet on a musical romantic comedy about a pair of songwriters who fall in love while collaborating on a music project. The film, to be titled Music And Lyrics By, will start shooting at the end of March in New York City.
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