According to The Hollywood Reporter, Steven Spielberg's intervention was a key element in the spirited competition to acquire the rights to make a live action Transformers movie.  Dreamworks will handle the U.S. distribution and Spielberg will serve as an executive producer.  Paramount will provide international distribution. 
No director has been announced, though Don Murphy and Tom DeSanto, the two producers who acquired the live action Transformers rights from Hasbro (see 'Morphing Madness:' A Live Action Transformers Movie') remain attached to the project, which now has major studio backing. 
With comics (Dreamwave), toys (Hasbro), statues (Palisades), and DVDs of both vintage (Rhino) and modern (Paramount Home Entertainment) cartoon series, the Transformers remains a vibrant property, and a successful live action adaptation might create even more interest.  Stay tuned for further developments.