Hollywood (OTL) – Universal Studios has signed a deal to distribute films by DreamWorks SKG. Dreamworks has parted ways with Paramount to go back to Universal, the studio where Spielberg directed some of his early movies.
The new enterprise has been announced on Monday, as Universal will distribute all films by DreamWorks SKG.
Snider and Steven Spielberg have been looking for a partner since Dream Works ended its $1.2 billion contract with Reliance in September. Steven Spielberg has had a 20 years career with Universal as a director. After that, he decided to form Dream Works with David Geffen and Jeffrey Katzenberg in 1994.
Spielberg had a two-decade career with Universal where he made his early films, including Jaws.
In a statement the director said: “While it feels great to come home again, it feels like I never left.”
The pact between Universal and DreamWorks is thought to take effect in 2009 and should take in around six films per year. The only trouble is all those ties to Paramount that are still very much intact. This means that Universal potentially will not see their first DreamWorks movie up for distribution until 2010.
DreamWorks still has contractual obligations to complete 30 or so projects with Paramount Pictures. However, Universal could share domestic distribution on some of those films.
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