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Paramount, Montecito extend pact

Deal to run through February 2012

Paramount Pictures has inked an extension with the Montecito Picture Co. and Cold Spring Pictures to run through February 2012.

Pact gives the studio an exclusive first look at Montecito’s development slate as well as a nonexclusive opportunity to co-finance films through Montecito’s financing facility, Cold Spring Pictures.

Montecito had been with DreamWorks for nine years, and it became one of the company’s first shingles to migrate into the Paramount fold after DreamWorks exited from the Melrose studio in October.

Montecito was launched in 1998 by Ivan Reitman and former Universal Pictures chair Tom Pollock. Together they produced “Old School,” “Road Trip” and “Disturbia,” among other titles. In 2006, the pair set up film financing arm, Cold Spring Pictures, with Merrill Lynch and other financial partners.

Move gives Paramount needed access to co-financing. Studio has been forced to rely upon co-financing deals after a $450 million slate deal with Deutsche Bank fell apart last summer.

Paramount and Montecito worked together on three films on the studio’s 2009 slate: “Hotel for Dogs” and “The Uninvited,” which have already opened, and the upcoming Paul Rudd starrer “I Love You, Man.” The two companies are also teaming on the George Clooney starrer “Up in the Air,” which Reitman’s son Jason is helming.

In addition to the Paramount pics, Montecito and Cold Spring will release “Post Grad,” starring Alexis Bledel and Michael Keaton, through Fox Atomic in August, and they are in production on “Chloe,” an erotic thriller for StudioCanal starring Julianne Moore, Liam Neeson and Amanda Seyfried and directed by Atom Egoyan.

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