With Dreamworks firmly under the Paramount Pictures banner, the studio has wasted no time in putting together a deal to sell the company's lucrative film library.

Home Media Retailing reports that in a deal that could be worth $900, Paramount will be selling Dreamworks library of films to Soros Strategic Partners LP and Dune Entertainment II LLC.

The story goes on to say that, "after the conversion of certain commercial agreements from debt to advances, Viacom expects a net purchase price for DreamWorks of about $600 million."

In total, Soros and Dune will obtain "all 59 DreamWorks live-action films released through Sept. 15, 2005," and beyond that they will also "enter into an exclusive five-year agreement with Paramount to distribute the library."

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Evan Jacobs