Spielberg Leaves Paramount

10/6/2008
E. Van Dril
He'd been there for 35 years.

Director/Producer Steven Spielberg has left Paramount Pictures to pursue a new venture with an India-based film company in a multibillion deal.

The legendary director's production company, DreamWorks, will reportedly produce over 35 new films over the next five years in his multibillion deal with India-based Reliance Ada Group.

Though he has left Paramount, Speilberg will stay on to produce Transformers (which Michael Bay will direct), and will also continue to work with the movie studio on three more films, including When Worlds Collide, a remake of the classic that is scheduled for release in 2010.

Both Paramount and Spielberg say that they agreed that the split would be good for both sides.

"We have had a great run with the DreamWorks team both creatively and financially," Paramount CEO Brad Grey said. "In particular, it has been a true honor working closely with a storyteller of Steven's talent and stature."

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