August 21, 2012 04:19:39 GMT
DreamWorks has signed a five-year distribution agreement with 20th Century Fox as its deal with Paramount Pictures will end later this year.
As its distribution deal with Paramount Pictures will end this November, DreamWorks Animation agrees to distribute its movies through 20th Century Fox. The studio announces that it has entered into a new five-year distribution agreement with the Century City-based company.
Under the terms of the agreement, Fox will begin distributing DreamWorks Animation's films from 2013 through 2017 in both domestic and international markets. Jeffrey Katzenberg, Chief Executive Officer of DreamWorks Animation, says in a statement, "Jim Gianopulos and Tom Rothman have built a world-class distribution team."
He adds, "We are excited to apply their expertise, robust infrastructure and global resources so that DreamWorks Animation's films can reach their fullest possible potential over the next five years." He further gushes about their partnership, "Our new agreement with Fox presents more favorable economics overall for DreamWorks Animation because we are taking advantage of lower costs associated with the emerging digital distribution landscape and managing domestic television distribution in-house."
Feeling "privileged and honored to have been chosen to distribute their marvelous work throughout the world," Fox Filmed Entertainment CEOs and Chairmen, Jim Gianopulos and Tom Rothman, state, "We are particularly excited to add DreamWorks Animation's films to the strong and growing slate of movies from our outstanding Blue Sky Studios division... Together we will be a dominant force in animated entertainment for years to come."
DreamWorks Animation has released its movies through Paramount since 2006. Renewal talks between the two companies met a dead end as Katzenberg reportedly sought to pay a lower fee.
The deal with Fox was finalized late last week. Some of the movies lined up to be released under the new deal are "Turbo", "Me and My Shadow" and "Happy Smekday!"