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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."
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