Paramount distributing

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DreamWorks Animation announced Sunday that it has reached a seven-year distribution agreement with Paramount Pictures for the rights to distribute DreamWorks Animation films in theatrical, home entertainment and TV markets on a worldwide basis.

The agreement is conditioned on the closing of Paramount's recently announced acquisition of the company's current distribution partner, DreamWorks Studios.

"We are pleased with the benefits this new relationship provides DreamWorks Animation," stated Jeffrey Katzenberg, Glendale, California-based DreamWorks Animation's CEO. "The existing talent of DreamWorks Studios and the resources available at Paramount Pictures will result in a very strong distribution partner that will create great opportunities for our products in the marketplace."

Under the terms of the new distribution agreement, Paramount Pictures will be responsible for the marketing and distribution of all of DreamWorks Animation films and will earn the same 8% distribution fee that had previously been paid to DreamWorks Studios. The new agreement with Paramount expires in 2012, which is two years longer than the term that existed in its original distribution deal with DreamWorks Studios. As a condition of the deal, DreamWorks Animation will receive $75 million in cash which it plans to use towards the repayment of debt.

Much like its old agreement with DreamWorks Studios, the company's new agreement with Paramount will continue to allow DreamWorks Animation to provide significant input in the marketing and distribution plans for its films. In addition, DreamWorks Animation will have the opportunity to promote its upcoming movies, as well as collaborate on new TV programming on the extensive network assets owned by Paramount's parent company Viacom, including Nickelodeon, MTV, Nick at Nite, VH1, BET, TV Land, and Comedy Central.

"Over the past decade, DreamWorks Animation has produced some of the industry's most successful movies including the highest grossing animated movie of all time," stated Paramount Pictures Group chairman and CEO Brad Grey. "The opportunity to work with DreamWorks Animation allows us to leverage our infrastructure and has the potential to create tremendous value for both organizations. We are looking forward to a long and successful relationship between the two companies."

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