DREAMWORKS SKG, AND VIVENDI UNIVERSAL ENTERTAINMENT JOINTLY EXTEND THEIR AGREEMENT FOR FILM AND HOME VIDEO TO 2010
DREAMWORKS AND UNIVERSAL MUSIC GROUP REACH AGREEMENT FOR UMG TO ACQUIRE DREAMWORKS RECORDS
UNIVERSAL CITY, CA, November 11, 2003 – DreamWorks SKG and Vivendi Universal Entertainment jointly announced today an extension of their distribution and fulfillment agreements for film and home video to October 2010.
Concurrently, DreamWorks SKG and Universal Music Group (UMG) announced an agreement for UMG to acquire DreamWorks Records.
In making the announcement of the film and home video extension, Ron Meyer, president and chief operating officer, Vivendi Universal Entertainment, said, “Our partnership with DreamWorks and its principals has been characterized by tremendous mutual success. In both the films we have co-produced such as the Academy Award-winning Gladiator and A Beautiful Mind, this summer’s Seabiscuit and the upcoming Dr. Seuss’ The Cat in the Hat as well as such outstanding box office hits as Shrek, the distribution of which is handled through Universal Home Video around the world, we have realized many achievements. We are very pleased that our relationship will continue to thrive and that we will share in many future opportunities together.”
“David, Steven and I have the highest regard for Ron, Stacey and the rest of the Universal team and our partnership with them has been an invaluable part of DreamWorks’ success,” said DreamWorks Co-Founder and Principal Jeffrey Katzenberg. “With this new agreement, we are glad to know that we will be in business with them both creatively and from an operational standpoint for a long time to come.”
The agreement, which was established in 1995 and extended once before in 2001, grants Universal international theatrical distribution rights to live action and animated DreamWorks motion pictures, and worldwide home video.
In addition, UMG has reached an agreement to acquire DreamWorks Records. Since its first releases in 1996, DreamWorks Records has earned 59 RIAA gold, platinum and multiplatinum sales certifications; 26 Grammy Awards and nominations; and countless critical accolades, primarily through launching the careers of developing recording artists.
The label’s aesthetic extends to rock and pop (including Nelly Furtado, The All-American Rejects, Papa Roach, Rufus Wainwright, Lifehouse, Jimmy Eat World, Alien Ant Farm, AFI, Elliott Smith, John Fogerty); country (Toby Keith, Darryl Worley, Jessica Andrews, Tracy Lawrence); urban (The Isley Brothers, Floetry, Dave Hollister, Q-Tip, Sleepy Brown, the Ron Isley/Burt Bacharach project); comedy (Chris Rock, Jimmy Fallon, Jeff Foxworthy); film scores and soundtracks (“Shrek,” “Almost Famous,” “American Beauty,” “Saving Private Ryan,” “The Prince Of Egypt”); and Broadway cast recordings (“Rent,” Baz Luhrmann’s “La Bohème”).
In making the announcement about the purchase of DreamWorks Records, Doug Morris, chairman and chief executive officer, UMG, said, “We are truly excited about the acquisition of DreamWorks Records. Mo [Ostin], Lenny [Waronker], and Michael [Ostin] and their talented team have built an incredible roster comprised of gold, platinum and multiplatinum-selling artists as well as a host of new acts who will be successful in the future.”
“Building DreamWorks Records has been one of the great professional experiences of my career,” said Mo Ostin, principal executive at DreamWorks Records. “I’m proud of the phenomenal artists we’ve been associated with and the entire DreamWorks Records team. We’ve had tremendous support from DreamWorks SKG, particularly from David Geffen, Jeffrey Katzenberg and Steven Spielberg. Despite the challenges of the music business today, Universal is acquiring a wonderful asset and the sale will assure the strongest possible future for our artists.”
The acquisition of DreamWorks Records is subject to customary conditions, including regulatory approvals.
Vivendi Universal Entertainment is the U.S.-based film, television and recreation entity of Vivendi Universal, a global media and communications company.
Universal Music Group is a unit of Vivendi Universal, a global media and communications company.
DreamWorks SKG was formed in October 1994 as a multi-faceted entertainment company by its three principal partners, Steven Spielberg, Jeffrey Katzenberg and David Geffen.