MTV, Nick Become Full In-House Labels at Paramount

NEW YORK, August 22: MTV and Nickelodeon will become full
labels under the Paramount Motion Picture Group (PMPG) after spending 12 years
as on-lot producers at the studio, as part of a move to ramp up feature-film
output geared to families and young adults.

Tom Freston, Viacom’s president and CEO, said the move will
“expand their role at Paramount, will better leverage their considerable talent
and marketing capabilities, and will allow for smoother day to day management
on the lot with strong connections back to the core brands. This move plays perfectly
to our company's unique strengths and will surely increase the positive
momentum that we're seeing at Paramount under the leadership of Brad [Grey,
Paramount Pictures’ chairman and CEO] and his team."

"In partnership with Paramount, this new model represents
a great opportunity to build on the growing success we've experienced making
movies over the last decade," added Judy McGrath, the chairman and CEO of
MTV Networks. "We believe that together we can take these brands to the
next level, attract the best talent and material across genres, and really tap
into our strong relationships with kid, teens, young adults and families around
the globe."

In related news, Scott Aversano has been named president of
MTV Films and Nick Movies, with responsibility for film development, production
and acquisitions for the two film labels. Aversano will work on the lot,
reporting to Gail Berman, the president of Paramount Pictures. On all image-
and brand-related matters for these pictures, he will also report to Van
Toffler, the group president of the MTV Networks Music Group, and Cyma
Zarghami, the president of Nickelodeon and MTV Networks Kids and Family Group.
Aversano will assume his new position effective immediately, transitioning from
his current role as an independent producer for Paramount Pictures.

MTV Films will focus on comedies, documentaries, urban fare
and horror films for teens and young adults; while Nick Movies will continue to
release animated and family films.

Nick Movies is currently in pre-production on the The
Spiderwick Chronicles. In December, the
label will release a live-action version of Charlotte's Web starring Dakota Fanning, Julia Roberts and Oprah
Winfrey.

MTV Films, whose credits include Napoleon Dynamite, Murderball, and Hustle & Flow,
is set to release Freedom Writers
with Hilary Swank, Jackass: Number 2
featuring Johnny Knoxville, and with DreamWorks, the comedy Blades Of
Glory starring Will Ferrell and Jon Heder.