United International Pictures (UIP) chairman Paul Oneile and president Andrew Cripps have both renewed their contracts with the company, taking them through to 2006.
The move comes as UIP enjoys a strong year, having already grossed $1.7bn this year thanks to films such as Shrek, Bridget Jones Diary and American Pie 2.
"I couldn't be happier Paul and Andrew signed on for an additional five years," said Rob Friedman, vice chairman of the Motion Picture Group for Paramount Pictures. "They have given us an extraordinary strength in international theatrical distribution. We have the utmost confidence they will continue to perform at the highest level".
Oneile commented: "The first five years have been both exciting and challenging. I am delighted with what has been achieved in that time and I look forward to ensuring that UIP continues its dynamic growth around the world in the years ahead."
Cripps added: " I am excited about continuing to work with the terrific team UIP has in place around the world".