Paramount, DreamWorks Finalize Separation

October 6, 2008 World Screen

HOLLYWOOD, October 6:
Paramount Pictures has announced the separation agreement clinched with
DreamWorks’ Steven Spielberg and Stacey Snider, who are exiting the Viacom fold with the financial
backing of India’s Reliance Big Entertainment.

David Geffen, who oversaw
the transition for DreamWorks, will not be joining the new company, but most
DreamWorks staffers are expected to be offered jobs at the new venture. As part
of the deal, the new venture will take the lead on a number of development
projects that Paramount will have the option to co-finance and co-distribute.
All other projects currently in development will remain at Paramount. The
Reliance-backed venture will have the opportunity to co-finance several
projects to which Spielberg is attached. Spielberg will also continue to
produce the Transformers
franchise for Paramount and will also collaborate on three other Paramount
films, including When Worlds Collide.

Brad Grey, the chairman
and CEO of Paramount Pictures, said, "We have had a great run with the
DreamWorks team both creatively and financially. In particular, it has been a
true honor working closely with a storyteller of Steven's talent and stature.
We are also grateful to David and Stacey for their exceptional leadership,
creative talent and many contributions to our partnership over the past few
years. We look forward to building on our joint successes as Paramount plans
for the future."

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Spielberg added,
"Brad 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. 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."

—By Mansha Daswani