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Paramount Pictures is the latest major studio to secure long-term financing.
The Melrose studio has inked a deal with David Ellison’s Skydance Productions to extend their current co-financing arrangement for four more years, through 2018. The original agreement was signed in 2010.
As part of the agreement, Skydance will continue to have the option to co-finance and co-produce select Paramount properties made available by the studio. Paramount, in turn, will have first rights on all Skydance projects in development with the opportunity to co-finance and distribute movies that the company produces.
“Our partnership with David and Skydance has been tremendously successful,” Paramount Chairman and CEO Brad Grey said Tuesday in a statement. “We are very pleased to extend our relationship and look forward to many more successful years ahead.”
Added Ellison: “Over the past three years Brad Grey, Rob Moore, and Adam Goodman have generously integrated Skydance into their amazing Paramount team. Extending our relationship with Paramount is the ideal creative fit to expand our business and produce elevated event entertainment for a worldwide audience.”
It has been a busy week on the studio co-financing front. Universal inked a five-year co-financing and distribution deal with Thomas Tull’s Legendary Pictures last week, while Warner Bros. is putting the finishing touches on its own co-financing deal with Dune Entertainment and RatPac Entertainment, a partnership between Brett Ratner and Australian billionaire James Packer.
Ellison’s cash-flush company, which also acts as a hands-on creative producer, was courted for months by other studios, including Warner Bros. and Sony.
Paramount and Skydance have partnered on a number of the studio’s recent tentpoles, including Mission: Impossible – Ghost Protocol, Jack Reacher, G.I. Joe: Retaliation, Star Trek Into Darkness and World War Z as well as the Oscar best picture nominee True Grit.
Paramount and Skydance are currently partnering on a number of projects including: Jack Ryan and a reboot of the Terminator franchise (along with Ellison’s sister Megan‘s Annapurna Pictures) as well as a fifth Mission: Impossible film, a third G.I. Joe, a new Star Trek and a Top Gun sequel.
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