And good news for those of us who weren't looking forward to the prospect of a Michael Bay Transformers movie. Can't see that one happening now that Bay has joined that small select group of filmmakers who'll be forever blamed for busting a studio...
Basically Spielberg -- because of his long-standing association with Universal -- would have preferred to be bought out by them, but dealing with GE basically ruined the package. Paramount takes over the entire live action catalog and all 9 remaining films DW is producing.