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 and Tom Pollock. The pair produced Old School and Road Trip, among others, for DreamWorks and set up Cold Spring Pictures in 2006 with Merrill Lynch and other financial partners.
Montecito produced the thriller Disturbia through DreamWorks, which Paramount distributed and went on to earn more than $117m worldwide. This year Montecito, Nickelodeon Movies and Paramount collaborated on the family picture Hotel For Dogs and Montecito and Paramount partnered on horror tale The Uninvited. Both are in release.
Upcoming pictures include the comedy I Love You, Man from Montecito and Paramount starring Paul Rudd and Jason Segel, and the George Clooney comedy Up In The Air directed by Jason Reitman from Montecito, Cold Spring and Paramount.
'Ivan and Tom are tremendous talents,' Paramount chairman and CEO Brad Grey said. '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,' Pollock, a former chairman of Universal Pictures, said. '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,' Reitman added. 'We look forward to a long and productive run of making high quality pictures together.'
In addition to the Paramount releases, The Montecito Picture Company and Cold Spring Pictures will release Post Grad starring Alexis Bledel and Michael Keaton through Fox Atomic in August, and is in production on Chloe, an erotic thriller for Studio Canal, starring Julianne Moore, Liam Neeson and Amanda Seyfried, directed by Atom Egoyan.
'That is a total of six films to be released in 2009,' Pollock said. 'A remarkable achievement in any year, much less in these difficult times. I want to pay tribute to Jeff Clifford, Joe Medjuck and Ali Bell who are responsible for development and production at The Montecito Picture Company.'