Shares in Comcast, the creator of the Despicable Me and Minions films, were also up slightly following the news.
Comcast is in talks to buy Dreamworks for more than $3bn (£2.1bn) in a deal that could create a company to rival Walt Disney, according to the Wall Street Journal.
Dreamworks, the maker of Shrek and Kung Fu Panda, currently has a market cap of $2.3bn.
On Wednesday morning in the US, Dreamworks' share price was up 15 per cent to $31.20. At the same time, Comcast's share price was up 2.5 per cent at $62.55.
Read more: EOne partners with Spielberg's Dreamworks
In December, Comcast's entertainment arm NBCUniversal was linked with a bid for ITV.
But Comcast later ruled out a move, saying: "We don’t comment on M&A rumours, but the speculation on ITV is just completely inaccurate."
Comcast also today reported better-than-expected results for the first quarter of 2016. Earnings per share were $0.84, above analysts' projections of $0.79, according to Bloomberg.
Both companies have been asked for comment.