A pipe dream?

WHEN THEY ANNOUNCED their partnership, the founders of what became known as DreamWorks SKG were compared to the 1992 U.S. Olympic basketball team, the New York Yankees in their prime, the Three Tenors, the Allied powers and the three wise men of the Bible.

OK, so we exaggerate. (Only a little: Three of those comparisons were actually made.) But it is worth recalling, now that DreamWorks SKG is rumored to be for sale, the excitement created by director Steven Spielberg, music magnate David Geffen and studio wunderkind Jeffrey Katzenberg when they announced their grand venture -- or was it just grandiose? -- in October 1994. Theirs was the first new major studio in more than a decade. Its success, even potential rivals conceded, was all but assured.

What a difference a decade makes. DreamWorks has had its share of successes, both commercial and artistic, including Academy Awards for best picture in 2000 and 2001 (“American Beauty” and “Gladiator”). Its animated division, driven by the lucrative “Shrek” franchise, was spun off as a public company last year.

But for every “Gladiator,” there was a box-office dud like “Cinderella Man”; for every critical favorite like “Saving Private Ryan,” there was a flop like “The Haunting.” Even the irrepressible “Shrek” encountered trouble when shareholders sued DreamWorks Animation SKG, claiming it had inflated sales figures for “Shrek 2” videos and DVDs.

The possible sale of DreamWorks to NBC Universal -- DreamWorks issued a statement saying it would have no statement on such reports -- may mean it is nearing the end of its run as an independent player. It wasn’t an especially glorious run, at least not when judged against the hype.

So there’s not much to lament. Still, its failure is more than a little chastening. If this trio -- and we should note their stock as individuals is untarnished -- can’t take on the major studios, then who can? There is no more overused aphorism in Hollywood, nor is there one more true: Nobody knows anything.