MUMBAI: Paramount Pictures has extended its agreement with The Montecito Picture Company and Cold Spring Pictures to run through February 2012. The arrangement gives the studio an exclusive first look at Montecito's diverse productions, as well as the non-exclusive opportunity to co-finance films through Montecito's financing facility, Cold Spring Pictures.

The Montecito Picture Company was set up in 1998 by Ivan Reitman, the creative force behind film like Animal House, Stripes, Ghostbustgers, Dave and Twins amongst others and Tom Pollock, former Universal Pictures chairman, under whose tenure worldwide hits including Jurrasic Park, Cape Fear and Apollo 13 and the release of over 200 films grossing over $10 billion. Together, Reitman and Pollock produced cult hits Old School and Road Trip among others. In 2006, Reitman and Pollock set up film financing arm, Cold Spring Pictures, with Merrill Lynch and other financial partners.

"Ivan and Tom are tremendous talents," said Brad Grey, Chairman and CEO, Paramount Pictures Corporation. "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."

"We had a successful nine-year relationship with DreamWorks, and now we're delighted to extend our relationship with Brad and Paramount," said Tom Pollock. "Our experience with their global marketing and distribution team has been extremely rewarding, and we look forward to our close future collaboration with the entire studio."

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

Montecito, through DreamWorks, produced for Paramount the hit thriller Disturbia, which debuted number one at the box office where it remained for three consecutive weekends. Ultimately, Disturbia earned more than $117 million worldwide and solidified...

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