Universal Inks Deal to Buy DreamWorks
Universal Music Group said Tuesday it reached a deal to buy DreamWorks Records, the music unit of the entertainment company formed by film and music moguls Steven Spielberg, Jeffrey Katzenberg and David Geffen. Terms of the deal were not disclosed. The purchase is expected to be completed early next year, subject to regulatory approval. Universal plans to fold DreamWorks Records into its Interscope Geffen A&M label, which is run by veteran music executive Jimmy Iovine, sources said. DreamWorks Records launched in 1996 and is home to a number of established rock and country acts, such as Nelly Furtado, Papa Roach,… Read more »