Powered by the overseas success of Shrek The Third and Transformers, Paramount Pictures International (PPI) has crossed $1bn.

Shrek The Third has crossed $400m and is already the biggest animated release of all time in Russia ($23m). It registered the biggest opening weekend in history in five territories including Poland and Ireland.

The film also scored record animated opening weekends in 23 territories, among them the UK, South Korea, Mexico and Brazil.

As previously reported, DreamWorks Animation will release the fourth episode in 2010. To date the Shrek franchise has grossed $1.1bn internationally.

Transformers stands at $248.5m and looks likely to build strongly on its gains as launches in Japan and Germany approach.

Last weekend the action epic became the highest grossing film of all time in Malaysia. It currently ranks as the biggest foreign release ever in South Korea on $48m, and UIP's biggest ever release in Singapore ($4.5m) and Indonesia ($2.4m).

'For Paramount Pictures International to hit a billion dollar gross in box office in our first year of existence is an incredible achievement and a testament to the talented team we have here,' PPI president Andrew Cripps said.

'I congratulate and thank all of them for their hard work and dedication, and also thank the film-makers who have entrusted us with their films which have contributed to this record.'

Other notable performers in 2007 include Babel on $40m, Dreamgirls and Charlotte's Web on more than $50m each, Shooter on $48m, and An Inconvenient Truth on $25m.