October
13
DreamWorks Signs Universal Distribution Deal
The deal is done. As expected, Universal will release DreamWorks' movies--for five seven years. Universal has confirmed that the studio is throwing a commitment for a $150-million loan into the package as well. (If they need it.) While DreamWorks will be producing six films a year, many of them will be in partnership with Paramount. In the first year of this deal, 11 DreamWorks films will be distributed by Paramount.
When they eventually get made, the 17 films that DreamWorks acquired from Paramount (for some $17 million) will be released by Universal domestically; Paramount can decide whether to come in as an international partner. The other 17 DreamWorks films in active development at Paramount will be handled by that studio with DreamWorks able to come in as a financing partner as well.
The fate of Tintin, the three-picture comic book adaptation for Steven Spielberg and Peter Jackson, is still to be determined. Here's Variety, the LAT and the WSJ.
UPDATE: Interestingly, the name DreamWorks never appears in the release below, for legal reasons. While Jeffrey Katzenberg has the authority to give Spielberg and Snider the name, it isn't official yet. The DreamWorks board still has to approve.
(The official press release, mainly comprised of self-congratulatory quotes from everyone and sundry, is on the jump.)
Stacey Snider, Steven Spielberg and Ron Meyer Announce Worldwide Distribution Deal with Universal Studios Snider, Spielberg Partnership with Reliance Big Entertainment to Launch in 2009Los Angeles, CA (October 13, 2008) - Stacey Snider and Steven Spielberg today announced a 7-year worldwide distribution deal between their new motion picture company and Universal Studios, which is expected to begin in 2009 and include approximately 6 films per year.
Snider and Spielberg recently departed Paramount Pictures to partner with Reliance Big Entertainment on a new motion picture company. Reliance Big will distribute the new company’s projects in India.
"We are delighted to be back in business with Steven and Stacey and the rest of their superb team," said Jeff Zucker, President and CEO of NBC Universal. "They are longtime friends of ours and terrific moviemakers. We are honored to be part of the next chapter of their success."
“We couldn’t be more pleased to welcome the DreamWorks team back to Universal and our long history of success together will continue. As always, it is an honor to do business with Steven Spielberg, one of the most prolific directors of our generation and our long-time friend and colleague Stacey Snider, who is one of the finest film executives in our business.” said Ron Meyer, President & COO, Universal Studios.
“Steven and I have both enjoyed successful, long-time relationships with Ron Meyer and everyone at Universal,” said Stacey Snider. “Having spent a decade in the Universal family, I’m very familiar with their talented distribution and marketing teams, under the dynamic leadership of Marc Shmuger and David Linde. Steven and I are looking forward to this new association with our old friends.”
“Universal has always been my home base so this agreement starts a new chapter in what has been a long and successful association,” said Steven Spielberg. “While it feels great to come home again, it feels like I never left, and Stacey and I look forward to working once again with our friends and colleagues, old and new. It’s an exciting time for us and we want it to be equally as productive and rewarding for Universal.”
"We are looking forward to a long, productive relationship bringing DreamWorks films to audiences around the globe," said Chairman of Universal Pictures Marc Shmuger of the DreamWorks Universal partnership. Co-Chairman, Universal Pictures David Linde added: "We are glad to be adding DreamWorks films to Universal's slate. Steven and Stacey are some of the best in the business and we look forward to being in business with them again."
David Geffen negotiated the deal on behalf of the new motion picture company. As previously announced, Geffen will not be joining Snider and Spielberg in the new company.
“David Geffen has been my partner for 14 years, my advisor for 30 and will be my friend for life,” said Spielberg. “DreamWorks will have a second chapter because of David's vision and indomitable spirit.”
Snider added, "Steven and I could not be embarking upon this new adventure were it not for the brilliance, dedication and loyalty of David Geffen. I am forever grateful."
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Dear Anne,
Do you think Stacy Snider would go to prom with me?
Love
Sean
Posted by: SeanH | October 14, 2008 at 12:40 AM