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DreamWorks, Reliance close deal
Friday September 19th 2008DreamWorks has finally closed the deal with India-based Reliance to leave Paramount Pictures and create a stand-alone production company.
DreamWorks principals Steven Spielberg, David Geffen and Stacey Snider are severing ties with the Melrose studio. Though the deal, valued anywhere between $500 million and $1.2 billion, has been anticipated for some time, what had been unclear was the fate of DreamWorks’ executives, who would have been contractually obligated to remain employed by Paramount. In a surprise move, Paramount waived its right to keep DreamWorks’ execs in its fold.
“To facilitate a timely and smooth transition, Paramount has waived certain provisions from the original deal to clear the way for the DreamWorks principals and their employees to join their new company without delay,” Paramount said in a statement.
It remains unclear which executives DreamWorks will take with them to their new venture. It is unlikely the new company will keep its current roster intact given that it will be working under a tighter budget. Prior to DreamWorks’ exit, Paramount was paying $50 a year in overhead for DreamWorks, according to sources.
“We congratulate Steven, David and Stacey, and wish them well as they start their newest venture,” Paramount added. “Steven is one of the world’s great story-tellers and a legend in the motion picture business. It has been an honor working closely with him and the DreamWorks team over the last three years, and we expect to continue our successful collaboration with Steven in the future.”
Paramount will continue to work with DreamWorks and Spielberg on a number of projects over the coming years including a “Transformers” sequel.
DreamWorks, which didn’t return calls for comment, will now have to strike a distribution-only deal, likely with one of the majors. While Universal remains the most likely candidate, Paramount has removed itself from the running. Paramount sources said the studio wasn’t interested in inking a distribution pact with the new company and is high on its upcoming slate, which includes J.J. Abrams’ “Star Trek,” “G.I. Joe,” “The Curious Case of Benjamin Button” and an “Iron Man” sequel.
Source: Variety
Headline, Industry News
DreamWorks, Reliance close deal
Friday September 19th 2008DreamWorks has finally closed the deal with India-based Reliance to leave Paramount Pictures and create a stand-alone production company.
DreamWorks principals Steven Spielberg, David Geffen and Stacey Snider are severing ties with the Melrose studio. Though the deal, valued anywhere between $500 million and $1.2 billion, has been anticipated for some time, what had been unclear was the fate of DreamWorks’ executives, who would have been contractually obligated to remain employed by Paramount. In a surprise move, Paramount waived its right to keep DreamWorks’ execs in its fold.
“To facilitate a timely and smooth transition, Paramount has waived certain provisions from the original deal to clear the way for the DreamWorks principals and their employees to join their new company without delay,” Paramount said in a statement.
It remains unclear which executives DreamWorks will take with them to their new venture. It is unlikely the new company will keep its current roster intact given that it will be working under a tighter budget. Prior to DreamWorks’ exit, Paramount was paying $50 a year in overhead for DreamWorks, according to sources.
“We congratulate Steven, David and Stacey, and wish them well as they start their newest venture,” Paramount added. “Steven is one of the world’s great story-tellers and a legend in the motion picture business. It has been an honor working closely with him and the DreamWorks team over the last three years, and we expect to continue our successful collaboration with Steven in the future.”
Paramount will continue to work with DreamWorks and Spielberg on a number of projects over the coming years including a “Transformers” sequel.
DreamWorks, which didn’t return calls for comment, will now have to strike a distribution-only deal, likely with one of the majors. While Universal remains the most likely candidate, Paramount has removed itself from the running. Paramount sources said the studio wasn’t interested in inking a distribution pact with the new company and is high on its upcoming slate, which includes J.J. Abrams’ “Star Trek,” “G.I. Joe,” “The Curious Case of Benjamin Button” and an “Iron Man” sequel.
Source: Variety
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Headline, Industry News
DreamWorks, Reliance close deal
Friday September 19th 2008DreamWorks has finally closed the deal with India-based Reliance to leave Paramount Pictures and create a stand-alone production company.
DreamWorks principals Steven Spielberg, David Geffen and Stacey Snider are severing ties with the Melrose studio. Though the deal, valued anywhere between $500 million and $1.2 billion, has been anticipated for some time, what had been unclear was the fate of DreamWorks’ executives, who would have been contractually obligated to remain employed by Paramount. In a surprise move, Paramount waived its right to keep DreamWorks’ execs in its fold.
“To facilitate a timely and smooth transition, Paramount has waived certain provisions from the original deal to clear the way for the DreamWorks principals and their employees to join their new company without delay,” Paramount said in a statement.
It remains unclear which executives DreamWorks will take with them to their new venture. It is unlikely the new company will keep its current roster intact given that it will be working under a tighter budget. Prior to DreamWorks’ exit, Paramount was paying $50 a year in overhead for DreamWorks, according to sources.
“We congratulate Steven, David and Stacey, and wish them well as they start their newest venture,” Paramount added. “Steven is one of the world’s great story-tellers and a legend in the motion picture business. It has been an honor working closely with him and the DreamWorks team over the last three years, and we expect to continue our successful collaboration with Steven in the future.”
Paramount will continue to work with DreamWorks and Spielberg on a number of projects over the coming years including a “Transformers” sequel.
DreamWorks, which didn’t return calls for comment, will now have to strike a distribution-only deal, likely with one of the majors. While Universal remains the most likely candidate, Paramount has removed itself from the running. Paramount sources said the studio wasn’t interested in inking a distribution pact with the new company and is high on its upcoming slate, which includes J.J. Abrams’ “Star Trek,” “G.I. Joe,” “The Curious Case of Benjamin Button” and an “Iron Man” sequel.
Source: Variety
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