Paramount scaling back releases
Los Angeles Business from bizjournals
Paramount Pictures is reducing its target number for new films, cutting back to 20 releases a year.
The new target, starting in 2009, will be 20 films. According to a release from Paramount, the approximate breakdown will be:
- 12 films under the banners of Paramount, MTV Films and Nickelodeon Movies
- Four films from the Paramount Vantage unit
- The distribution of two to four films a year from DreamWorks Animation (NYSE: DWA) and Marvel Entertainment's (NYSE: MVL) Marvel Studios
The reduction will also serve as a cost-cutting measure, allowing the studio "to more effectively compete in the changing marketplace."
"Viacom CEO Philippe Dauman has laid out a very smart strategy that will put Viacom in great position to prosper in the current economic climate," Brad Grey, Chairman and CEO of Paramount Pictures, said in a statement. "In line with that strategy, we at Paramount are taking steps to ensure our business and creative plans are sound and viable for the long term.
Also on Wednesday, Paramount said that DreamWorks' Adam Goodman will remain at Paramount as a president of production. Goodman's duties will include overseeing a creative staff who will manage the current DreamWorks projects and creative relationships, as well as new development for Paramount.
The DreamWorks team, led by Steven Spielberg, has left Paramount for a new DreamWorks that is backed by funding from an Indian conglomerate and has a distribution deal with Universal.
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