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DreamWorks has closed their deal with India-based Reliance to leave Paramount Pictures, for the creation of a new production company.
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.
"To facilitate a timely and smooth transition, Paramount has waived certain provisions from the original deal to clear the way for the DreamWorks principals and their employees to join their new company without delay," the studio said.
"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."
Paramount will continue to work with DreamWorks and Spielberg on a number of projects over the coming years including the upcoming "Transformers" sequel "Revenge Of The Fallen".
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...