Paramount, DreamWorks Formalize Separation Deal

Paramount Pictures and DreamWorks have announced a formal agreement to separate following DreamWorks

This photo provided by DreamWorks shows Barry B. Benson, right, voiced by Jerry Seinfeld, and Adam Flayman, left, voiced by Matthew Broderick in a scene from "Bee Movie." (AP Photo/DreamWorks)

LOS ANGELES (AP) - Paramount Pictures and DreamWorks have
announced a formal agreement to separate following DreamWorks'
latest deal to partner with Reliance Entertainment of India.

In a statement Sunday, the companies' principals say DreamWorks will take the lead on some projects, which Paramount can choose to co-finance and co-distribute. Of the projects that remain at Paramount, the new company can co-finance those attached to DreamWorks' star director Steven Spielberg.

Most DreamWorks employees are expected to be hired at the new
company.

The agreement comes after DreamWorks last month announced the
completion of a financing deal with Reliance.

Paramount, a subsidiary of Viacom Inc., bought DreamWorks for $1.6 billion in 2006.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

AP-NY-10-05-08 1643EDT


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