Paramount today confirmed the huge Hollywood shocker that it will pay $1.6 billion for DreamWorks. The story began to get out Friday in the Wall Street Journal, and on Saturday the LAT's Claudia Eller and Sallie Hofmeister wrote: "[it marks] the end of a dream hatched 11 years ago, when three of Hollywood's most high-profile figures — director Steven Spielberg, music mogul David Geffen and veteran studio executive Jeffrey Katzenberg — set out to build a multifaceted entertainment empire. The sale to Paramount would leave the industry with just one major independent studio: Lions Gate Entertainment." From today's Reuters story:

Paramount said the deal gives it DreamWorks' current projects, including Spielberg movie "Munich," part of future films from the iconic director, and worldwide distribution rights for movies from DreamWorks Animation SKG Inc., maker of computer animated movies like smash hit "Shrek."

Paramount further said it is in "advanced discussions" to sell off DreamWorks' 59-title film library shortly after it closes the deal to buy Glendale, California-based DreamWorks... While Paramount is seeking to sell the film library, it nevertheless wants to retain distribution rights to the films in the catalog, including titles such as "Gladiator," "American Beauty" and "War of the Worlds."

Paramount also bought DreamWorks' television division, which distributes syndicated series "Spin City" and produces "Las Vegas" -- currently airing on NBC.

Score one for new Paramount chief Brad Grey—a big one. Newsweek got right on it with a Sean Smith piece on Why the dream didn't work.

Also: Members of the Los Angeles Film Critics Association voted Brokeback Mountain the year's best picture, Ang Lee best director, Vera Farmiga and Phillip Seymour Hoffman best actors, Catherine Keener and William Hurt best supporting actors, and divided on best screenplay between Capote by Dan Futterman and The Squid and the Whale by Noah Baumbach.