Viacom
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Viacom
When the Paramount Pictures unit of Viacom announced some months ago that it would acquire DreamWorks SKG  for $1.6 billion, the deal was heralded as a ''coup'' and a ''fantasy come true'' by the news media and analysts similarly. The combination of Sumner M. Redstone of Viacom, Brad Grey of Paramount and the triumvirate of David Geffen, Steven Spielberg and Jeffrey Katzenberg at DreamWorks made it seem as if the company should be renamed DreamTeam. If they had, they might come to a conclusion that Mr. Geffen, a master negotiator, twisted Viacom into overpaying so much for the deal outbidding General Electric's Universal that the producers of the bloated box-office flop ''Waterworld'' may start to look smart. Paramount Pictures unit of Viacom announced that it would acquire DreamWorks SKG  for $1.6 billion. Mr. Geffen, a master negotiator, twisted Viacom into overpaying so much for the deal outbidding General Electric's Universal. The other thing that makes the sale of DreamWorks a risky bet for Viacom is that it does not come with the hit animation studio that produced blockbusters like ''Shrek.''