Paramount Launching In-House Animation Division; Plans to Release CGI Animated Movies Annually Starting in 2014
07.07.11 by BrentJS
Whether it's the possibility of losing distribution rights to DreamWorks Animation movies when the contract expires in 2012 or because of the critical and financial success of its first fully owned CGI animated movie, Rango, Paramount Pictures has announced via press release that it is launching an in-house animation division, Paramount Animation. The Viacom subsidiary plans to release one CGI animated movie per year starting in 2014, with the budget per movie in the $100 million range, a moderate amount by today's standards (Rango cost $135 million while Shrek Forever After cost $165 million and Cars 2 cost $200 million). Paramount did not announce any upcoming titles, but the release did state that "a key piece" of its development plan will be "titles under the label of Viacom's Nickelodeon."
In the release, Paramount Chairman and CEO Brad Grey said launching an in-house animation division "was the logical next step" for the company and that now is the "perfect moment" to make such a move.
The marketplace has never offered as many opportunities to create wonderfully imaginative pictures at very appealing budget levels, so we feel this is a perfect moment to launch this effort. We are now eager to expand in animation with appropriate and prudent overhead and production budgets in a way that will allow us to be nimble, creative and innovative. Paramount also has the distinct advantage of being part of the Viacom family, giving us the ability to leverage its portfolio of powerful and youthful brands to create and market great films and consumer products.
Paramount Animation will be a part of the Paramount Motion Picture Group under President Adam Goodman. The head of the new division is currently being sought.