07 Jul '11, 5am

Paramount announces new animation division

Paramount announces new animation division

LOS ANGELES: Paramount Studios announced Wednesday they plan to create an in-house division for animated films, the first of which will debut in 2014. The Viacom subsidiary is ready to spend up to $100 million per film, they added in a press release. "The marketplace has never offered as many opportunities to create wonderfully imaginative pictures at very appealing budget levels, so we feel this is a perfect moment to launch this effort," said Paramount Chairman & CEO Brad Grey. "We are now eager to expand in animation with appropriate and prudent overhead and production budgets in a way that will allow us to be nimble, creative and innovative," he added. Paramount Animation will count among its roster the catalog of characters developed for children's entertainment channel Nickelodeon, also owned by Viacom. The studio predicts it will produce one animated film each year....

Full article: http://www.channelnewsasia.com/stories/entertainment/view...

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