DREAMWORKS - DREAMWORKS TO PARAMOUNT UNTIL WE MEET AGAIN

DREAMWORKS TO PARAMOUNT UNTIL WE MEET AGAIN

DreamWorks and Paramount on Sunday announced that they had reached an amicable divorce settlement under which DreamWorks co-founder Steven Spielberg and CEO Stacey Snider would leave Paramount to start a new venture with Indian entertainment conglomerate Reliance ADA. DreamWorks' cofounder David Geffen, who negotiated the deal with Reliance, will not be a part of the new venture, which is also expected to be called DreamWorks. Under the separation agreement, the new company will continue development work on some 15-20 films that it had already been working on with Paramount. Both DreamWorks and Paramount issued cordial comments about the separation. Paramount Chairman/CEO Brad Grey said, "We have had a great run with the DreamWorks team both creatively and financially. ... We look forward to building on our joint successes as Paramount plans for the future." Said Spielberg "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."

NOTE A summary of reviews of Flash of Genius and How to Lose Friends... will appear here on Tuesday.

06/10/2008