Paramount Pictures Extends Deal With The Montecito Picture Company and Cold Spring Pictures

Feb 18, 2009
By ViacomCBS Staff

Paramount Pictures, a unit of Viacom Inc. (NYSE: VIA and VIA.B), today announced an extension of its agreement with The Montecito Picture Company and Cold Spring Pictures to run through February 2012. The arrangement gives the Studio an exclusive first look at Montecito's diverse productions, as well as the non-exclusive opportunity to co-finance films through Montecito's financing facility, Cold Spring Pictures.

The Montecito Picture Company was set up in 1998 by Ivan Reitman, the creative force behind film phenomena ANIMAL HOUSE, STRIPES, GHOSTBUSTERS, DAVE, TWINS and more, and Tom Pollock, former Universal Pictures Chairman, under whose tenure worldwide hits including JURASSIC PARK, CAPE FEAR and APOLLO 13 and the release of over 200 films grossing over $10 billion. Together, Reitman and Pollock produced cult hits OLD SCHOOL and ROAD TRIP, among others. In 2006, Reitman and Pollock set up film financing arm, Cold Spring Pictures, with Merrill Lynch and other financial partners.

"Ivan and Tom are tremendous talents," said Brad Grey, Chairman and CEO, Paramount Pictures Corporation. "We couldn't be happier about being in business with a director of Ivan's artistic and commercial talent, and Tom's unmatched producing and executive skills. We are privileged to have worked with them through DreamWorks and now are thrilled to expand our relationship."

"We had a successful nine-year relationship with DreamWorks, and now we're delighted to extend our relationship with Brad and Paramount," said Tom Pollock. "Our experience with their global marketing and distribution team has been extremely rewarding, and we look forward to our close future collaboration with the entire studio."

"Tom and I are thrilled to continue our creative partnership with Rob Moore, John Lesher, Adam Goodman, Brad Weston and the entire team at Paramount. We look forward to a long and productive run of making high quality pictures together," said Ivan Reitman.

Montecito, through DreamWorks, produced for Paramount the hit thriller DISTURBIA (2007), which debuted number one at the box office where it remained for three consecutive weekends. Ultimately, DISTURBIA earned more than $117 million worldwide and solidified Montecito, Cold Spring and Paramount's partnership.

This year, the three entities are collaborating on an impressive lineup of diverse films. In January, Montecito, Nickelodeon Movies and Paramount Pictures released family friendly HOTEL FOR DOGS starring Emma Roberts and Don Cheadle. Since its opening on January 16, the film has garnered more than $62 million at the domestic box office. Montecito and Paramount also partnered to release THE UNINVITED on January 31. The bone-chilling horror film, based on the Korean movie A TALE OF TWO SISTERS, is directed by Thomas and Charles Guard, and stars Elizabeth Banks and David Strathairn.

Montecito and Paramount are pairing up on the highly anticipated March release of comedy I LOVE YOU, MAN helmed by John Hamburg, produced by Donald De Line with Paul Rudd and Jason Segel starring, and in the fall, Montecito, Cold Spring and Paramount will release the topical comedy UP IN THE AIR starring George Clooney with Jason Reitman directing from his screenplay.

In addition to the Paramount movies, The Montecito Picture Company and Cold Spring Pictures will release POST GRAD starring Alexis Bledel and Michael Keaton, directed by Vicky Jenson through Fox Atomic in August, and are in production currently with CHLOE, an erotic thriller for StudioCanal, starring Julianne Moore, Liam Neeson and Amanda Seyfried, directed by Atom Egoyan.

"That is a total of six films to be released in 2009," added Pollock. "A remarkable achievement in any year, much less in these difficult times. I want to pay tribute to Jeff Clifford, Joe Medjuck and Ali Bell who are responsible for development and production at The Montecito Picture Company."

About Montecito Picture Company

Formed in 1998, The Montecito Picture Company was formed by partners Tom Pollock, who served as Vice Chairman of MCA INC., Executive Vice President of MCA and Chairman of Universal Motion Picture Group and accomplished Director/Producer Ivan Reitman. The Company has produced such films as ROAD TRIP, EVOLUTION, OLD SCHOOL, EUROTRIP and DISTURBIA. The company has offices in Santa Barbara and Beverly Hills.

About Paramount Pictures Corporation

Paramount Pictures Corporation (PPC), a global producer and distributor of filmed entertainment, is a unit of Viacom (NYSE: VIA, VIA.B), a leading content company with prominent and respected film, television and digital entertainment brands. The company's labels include Paramount Pictures, Paramount Vantage, Paramount Classics, MTV Films and Nickelodeon Movies. PPC operations also include Paramount Digital Entertainment, Paramount Famous Productions, Paramount Home Entertainment, Paramount Pictures International, Paramount Licensing Inc., Paramount Studio Group, and Worldwide Television Distribution.

Patti Rockenwagner of Paramount Pictures,
Rachael Godfrey of The Montecito Picture Company
and Cold Spring Pictures,