Since the division's launch in 2007, president Louis Feola has overseen operations and preparing the division for 2010, when it plans to release five or six titles based on a mix of sequels, prequels and remakes from the libraries of Paramount Pictures, Paramount Vantage, DreamWorks Pictures, MTV Films and Nickelodeon Movies.
PFP will also work closely on developing material with Viacom-owned networks such as BET, Comedy Central and Spike TV.
PFP recently wrapped principal photography on its first feature length film, Without A Paddle: Nature's Calling, a sequel to the 2004 theatrical comedy release. The division is actively developing more than six projects including spin-offs from Road Trip, Bad News Bears, Naked Gun, Mean Girls and Grease.
Feola has named Peter M Green as senior vice president of development and production, Joel Goldstein as senior vice president of business affairs and Traci Nishida as vice president of finance. All three report to Feola.
'The name Paramount Famous Productions speaks to the studio's rich history and reputation for delivering world-class, memorable entertainment to diverse audiences,' Feola said.
'We plan to continue building on Paramount's legacy and the strength of Viacom's brands by developing tailor-made entertainment to movie-goers who choose to view our films on today's expanding, non-theatrical distribution platforms such as Blu-ray and VOD.'