Vivendi's Universal Music to Buy DreamWorks Records for $100 Million

Authored by Mark Hefflinger on October 31, 2003 - 9:01am.

New York -- Vivendi's Universal Music Group has reached an agreement in principle to buy DreamWorks Records for about $100 million, Billboard.com reported. The label, founded by the team of Steven Spielberg, Jeffrey Katzenberg and David Geffen, is home to artists including Rufus Wainwright, Eels, Q-Tip and the late Elliott Smith. Under the terms of the agreement, DreamWorks would operate under Jimmy Iovine at Universal's Interscope/Geffen/A&M label group, although it remains unclear whether DreamWorks will retain its identity as a separate label. DreamWorks is also reportedly seeking to sell off its music publishing business for between $200-$300 million.
http://www.billboard.com/bb/daily/article_display.jsp?vnu_content_id=2015305
http://www.nypost.com/business/9565.htm
http://www.dreamworksrecords.com