Viacom, which owns Paramount, has agreed to pay $1.6bn (£914m; 1.36bn euros) in a deal that doubles Paramount's film library.
It also secures the talents of one of the most famous filmmakers in the world, ET director Steven Spielberg.
Paramount paid more than $1bn in cash and has taken over the company's debt, which was more than $500m. (BBC)
In the future Spielberg will be free to direct films like his previous "Schindler's list" and "Saving private Ryan", hopefully.
Umm, what about Icon Productions...?
