In 1994, director Steven Spielberg, Disney studio chairman Jeffrey Katzenberg, and record producer David Geffen (yes, they make the initial SKG on the bottom of the logo) got together to found a new studio called DreamWorks.
Spielberg wanted the logo for DreamWorks to be reminiscent of Hollywood's golden age. The logo was to be a computer generated image of a man on the moon, fishing, but Visual Effects Supervisor Dennis Muren of Industrial Light and Magic, who has worked on many of Spielberg's films, suggested that a hand-painted logo might look better. Muren asked his friend, artist Robert Hunt to paint it.
Hunt also sent along an alternative version of the logo, which included a young boy on a crescent moon, fishing. Spielberg liked this version better, and the rest is history. Oh, and that boy? It was Hunt's son, William.
The DreamWorks logo that you see in the movies was made at ILM from paintings by Robert Hunt, in collaboration with Kaleidoscope Films (designers of the original storyboards), Dave Carson (director), and Clint Goldman (producer) at ILM in 1994 .