NEW YORK (CNN/Money) - GE's NBC Universal unit revised its offer to independent film studio DreamWorks, lowering its bid from $1.6 billion to $1.45 billion, according to a news report published Monday.

Citing two people familiar with the negotiations, the New York Times reported Monday that NBC Universal trimmed its offer on Friday for the studio's live-action division.

Paramount Pictures, which is owned by Viacom (Research), has also expressed interest in DreamWorks, but executives are still working on determining the studio's value, the paper reported.

DreamWorks could be lucrative to both firms because of the studio's distribution agreements, according to the paper.

The purchase by NBC Universal would not include DreamWorks Animation SKG Inc. (down $0.18 to $26.54, Research), which was spun off from the live action studio in October 2004 with an initial public offering. The animation studio has been much more successful than the live action division, producing such hits as "Shrek" and "Madagascar".

People familiar with the matter told the Times that Jeffrey Immelt, the chairman of GE (Research), told NBC Universal head Bob Wright to lower the bid to ensure a better return on the company's potential investment.

According to the paper, the talks between Wright and negotiating DreamWorks' partner David Geffen ended after the two men met.

If DreamWorks accepted the NBC Universal bid, partners and investors would split $900 million, according to the Times, with the rest covering the financial obligations of the studio.

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