Paramount Pictures and DreamWorks have officially ended their distribution relationship, and Steven Spielberg is leaving to form a new motion picture company in partnership with Reliance BIG Ent. He will be joined in the venture by Stacey Snider, who hooked up with DreamWorks in 2006 as co-chairman and CEO. DreamWorks principal David Geffen, will not be joining the new company, which is expected to absorb a majority of the DreamWorks staff.
Under the separation agreement, Spielberg’s new company will take the lead on a number of development projects, which Paramount will have the option to co-finance and co-distribute. All other projects currently in development will remain at Paramount, and the Reliance-backed venture will have the opportunity to co-finance several projects that have Spielberg attached. In addition, Spielberg will continue to produce the Transformers franchise for Paramount, and will also collaborate on three other Paramount films including a remake of the sci-fi classic When Worlds Collide.
“Brad [Grey, CEO of Paramount,] is a friend and I am pleased to be able to continue to work with him and his team with whom we have shared many successes,” comments Spielberg. “We have enjoyed a productive creative and business collaboration with Brad, Paramount and Viacom over the past few years and are enthusiastic about extending the relationship for many years to come. And I have a very special thanks to David Geffen for his far-reaching vision that has made it possible for me to steer this new course. His advice and wisdom have always been right on the money. He is a friend for life.”
DreamWorks Animation, which became a separate entity when it went public in October of 2004, will apparently continue to have its films distributed by Paramount. The next is the sequel Madagascar: Escape to Africa, which hits theaters on Nov. 7. The toon shop will make its 3-D debut with the March 27, 2009 opening of Monsters Vs. Aliens.
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