Steven Spielberg’s DreamWorks studio has signed on with Universal Pictures to distribute its films as his company parts ways with Paramount.
Under the seven-year deal, Universal will distribute up to six DreamWorks movies a year domestically and overseas, except for India, executives for both companies said Monday.
Spielberg made his early films, including “Jaws,” for Universal, and his Amblin Entertainment production company remained based on the Universal lot even after Paramount acquired DreamWorks in 2006.
“Universal has always been my home base so this agreement starts a new chapter in what has been a long and successful association,” Spielberg said in a news release. “While it feels great to come home again, it feels like I never left.”
Universal will handle distribution in exchange for an 8 percent fee on revenues.
The deal had been anticipated as DreamWorks broke off from Paramount, where there had been ongoing friction over the costs of keeping Spielberg and his outfit there.
In a partnership with Reliance Big Entertainment of India, DreamWorks has lined up $1.5 billion to finance its future film slate. Reliance is handling distribution of DreamWorks films in India.
Remaining in charge at DreamWorks is Stacey Snider, who became chief executive officer in 2006. Snider previously was chairwoman of Universal Pictures.
“I really feel like it is a homecoming for Steven and Stacey,” said Marc Shmuger, Universal Pictures chairman.
DreamWorks films already finished or nearing completion at Paramount, such as the dramas “The Soloist” and “The Lovely Bones” and next summer’s “Transformers” sequel, still will be distributed by Paramount.
About 30 other films in development while DreamWorks was at Paramount are being split between them. They will retain the option to co-finance and co-distribute those films.
David Geffen, who co-founded DreamWorks SKG with Spielberg and Jeffrey Katzenberg in 1994, negotiated the deal but is not joining the new incarnation of DreamWorks.
The deal does not affect films from Katzenberg’s DreamWorks Animation, which was spun off as a public company in 2004. DreamWorks Animation’s distribution deal with Paramount runs through 2012.
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Universal is owned by NBC Universal, a unit of General Electric Co.; Paramount is a division of Viacom Inc.
Amazon MGM Takes Creative Reins of James Bond, Ending An Era Of Family Control
In a James Bond shakeup that stirred the film industry, Amazon MGM announced Thursday that the studio has taken the creative reins of the 007 franchise after decades of family control. Longtime Bond custodians Michael G. Wilson and Barbara Broccoli said they would be stepping back.
Amazon MGM Studios, Wilson and Broccoli formed a new joint venture in which they will co-own James Bond intellectual property rights — but Amazon MGM will have creative control.
Financial terms weren't disclosed. The deal is expected to close sometime this year.
"With my 007 career spanning nearly 60 incredible years, I am stepping back from producing the James Bond films to focus on art and charitable projects," Wilson said in a statement. "Therefore, Barbara and I agree, it is time for our trusted partner, Amazon MGM Studios, to lead James Bond into the future."
Amazon bought MGM Studios in 2022 for $6.1 billion, a purchase that was significantly motivated by the acquisition of one of the movies' most beloved and long-running franchises. Since the Daniel Craig era of 007 concluded with 2021's "No Time to Die," Broccoli and Wilson have reportedly clashed with Amazon MGM over the direction of Bond.
The announcement Thursday means that for the first time in the more than half a century of Bond, a Broccoli won't be greenlighting the next 007 film, or picking who inherits his tux. Amazon MGM also anticipates expanding the franchise beyond movies.
"We are grateful to the late Albert R. Broccoli and Harry Saltzman for bringing James Bond to movie theaters around the world, and to Michael G. Wilson and Barbara Broccoli for their unyielding dedication and their role in continuing the legacy of the franchise that is cherished by legions of fans... Read More