Mumbai: Paramount Pictures and DreamWorks principals announced the formalization of their transition agreements as Steven Spielberg and DreamWorks Studios co-chairman and CEO Stacey Snider will depart to form their previously announced new motion pictures company in partnership with Reliance BIG Entertainment. David Geffen, who oversaw the transition for DreamWorks, will not be joining the new company.
As part of the separation agreement, the DreamWorks principals’ new company will take the lead on a number of development projects, which Paramount will have the option to co-finance and co-distribute. The majority of existing DreamWorks staff is expected to be offered positions at the new company.
All other projects currently in development will remain at Paramount with the opportunity for the Reliance-backed venture to co-finance several projects to which Spielberg is attached. In addition, he will continue to produce the Transformers franchise for Paramount and will also collaborate on three other Paramount films including, When Worlds Collide.
Paramount Pictures chairman and CEO Brad Grey 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."
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."
"We are grateful to Brad, Rob and the entire Paramount team for their generous support and constant creativity. We are very proud of the films we produced and marketed together. We’re excited about this new venture which wouldn’t have been possible without the business genius and loyalty of David Geffen," said DreamWorks Studios co-chairman and CEO Stacey Snider.
Paramount Pictures vice chairman Rob Moore added, "It has been rewarding to work with the DreamWorks team and I’m gratified we’ll have the opportunity to continue to work together. We wish them the best as they launch their new venture."