
As previously reported, DreamWorks principals Steven Spielberg, David Geffen and Stacey Snider are severing their ties with Paramount.
The Reliance deal is said to be worth between $500 million and $1.2 billion.
Paramount has waived its right to keep DreamWorks' execs in its fold.

"We congratulate Steven, David and Stacey, and wish them well as they start their newest venture," Paramount added.
"Steven is one of the world's great story-tellers and a legend in the motion picture business. It has been an honor working closely with him and the DreamWorks team over the last three years, and we expect to continue our successful collaboration with Steven in the future."

Meanwhile Paramount is buzzing over its own upcoming non-DreamWorks titles including "Star Trek", "G.I. Joe", "The Curious Case of Benjamin Button" and an "Iron Man" sequel with Marvel...