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Finally the news has become official. New Line Cinema collapsed early in the year; almost all of the small independent studios were also dissolved at the same time. United Artists got resurrected, and now Dream Works has officially split from Dreamworks Company with him in a separation from Paramount. Dreamworks will continue to operate in a new partnership with Reliance BIG Entertainment. David Geffen, who was one of the three founders of DreamWorks, will not join the new company.

Dreamworks will take control over a few in development projects that Paramount will have the option to co-finance and co-distribute. All other projects currently in development will remain at Paramount with the opportunity for the new Dreamworks to co-finance those that Spielberg is attached. Additionally, Spielberg will produce the Transformers franchise for Paramount and will collaborate on three other upcoming Paramount films including a remake of the 1951 science fiction When Worlds Collide.

Spielberg said, “Brad is a friend and I am pleased to be able to continue to work with him and his team with whom we have shared many successes. We have enjoyed a productive creative and business collaboration with Brad, Paramount and Viacom over the past few years and are enthusiastic about extending the relationship for many years to come.” Grey said, “We have had a great run with the DreamWorks team both creatively and financially. In particular, it has been a true honor working closely with a storyteller of Steven’s talent and stature.”