Montecito digs in at Paramount

Financing options included in renewed deal

The Montecito Picture Company has officially unpacked its bags at Paramount.

Once in partnership with DreamWorks, the Ivan Reitman-led production outfit has just signed a three-year extension of its exclusive first-look deal with Paramount Pictures. The move is unsurprising, as Paramount had held on to the company's slate when DreamWorks left the studio's fold in September.

Additionally, the agreement provides Paramount with the non-exclusive opportunity to co-finance films through Montecito's financing facility, Cold Spring Pictures.

Launched in 1998 by writer-director-producer Reitman and former Universal Pictures Group chairman Tom Pollock, Montecito has produced "Old School," "Road Trip," "Disturbia," "Hotel for Dogs" and "The Uninvited."

Montecito and Paramount are releasing John Hamburg's comedy "I Love You, Man" in March and Jason Reitman's "Up in the Air" in the fall. Montecito also has the Fox Atomic film "Post Grad" hitting theaters in August and the Atom Egoyan-directed "Chloe" in production.

"Ivan and Tom are tremendous talents," said Paramount chairman and CEO Brad Grey. "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."

"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," said Reitman. "We look forward to a long and productive run of making high quality pictures together."

Executives Jeff Clifford, Joe Medjuck and Ali Bell fill out Montecito's development and production staff.