Paramount to sell Dreamworks library

After acquiring Dreamworks last month in a $1.6 billion bid, Viacom owned Paramount pictures reveals it is in negotiations to sell the rights to Dreamworks' 59 title library. In an endeavor to further raise cash and hedge the financial culpability of Viacom, the company's board apparently only approved the bid for Dreamworks after Paramount began negotiations with private financier George Soros and the equity fund he heads.

Paramount says it is looking to unload a library, which includes Oscar wining films like "American Beauty" and the Russell Crowe epic, "Gladiator." Paramount would likely earn a fee for handling the library that is expected to garner $850 - $1 billion, but the company still reserves the right to buy back the films at a later date.