Geffen Steps Down At Dreamworks

LOS ANGELES (CelebrityAccess MediaWire) — Billionare entertainment mogul David Geffen has stepped down from the board of directors at Dreamworks Animation, SKG, a partnership started 14 years ago with Jeffrey Katzenberg and Steven Spielberg.

Katzenberg made the announcement on October 28th during a conference call after a quarterly earnings report. Geffen will continue to hold 22% of the voting shares of Dreamworks and 5% of the common stock, Dreamworks President Lewis Coleman said.

During his tenure at Dreamworks, Geffen was instrumental in the sale of the live action component of the company's movie business and film catalog to Sumner Redstone's Viacom for $1.6 billion and brokering the deal for the original capital investment of more than $1 billion for the firm from investors, including Microsoft's co-founder Paul Allen, Bloomberg reported.

Dreamworks profit was reported to be off sharply, down 21% to $37 million from the same period in 2007, but beat analysts estimates. – CelebrityAccess Staff Writers

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