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Published on Sunday, October 05, 2008
By LA Daily News Staff Writer
Movie executives Steven Spielberg, David Geffen and Stacey Snider have formally severed their ties with Paramount Pictures, ending a sometimes stormy three-year relationship and clearing the way for a new film company they have had in the works for months.
Under a separation agreement announced Sunday, the new company, to be led by Spielberg and Snider, will take the lead in developing a number of projects now owned by Paramount, which would have an option to co-finance and co-distribute them.
Geffen, who was a principal force in organizing the new company, does not intend to become part of it, Paramount and DreamWorks said in a joint statement.
Snider has been chief executive of Paramount's DreamWorks subsidiary, which counts "Transformers" and "Norbit" among its recent hits. Spielberg and Geffen founded DreamWorks SKG in 1994 with Jeffrey Katzenberg and sold it in 2006 for $1.6 billion to Viacom, Paramount's parent company
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