Paramount Pictures has launched an in-house animation division, Paramount Animation.
The division will be part of the Paramount Motion Picture Group, reporting to the group's president, Adam Goodman, and will initially target one release per year beginning in 2014.
The division will develop family CGI-animated films with budgets of up to $100 million per picture, including key titles from Viacom's Nickelodeon, and work closely with Viacom's global consumer products business to capitalize on merchandising opportunities tied to Paramount Animation releases.
"The marketplace has never offered as many opportunities to create wonderfully imaginative pictures at very appealing budget levels, so we feel this is a perfect moment to launch this effort," says Brad Grey, Paramount chairman and chief executive officer. "Paramount also has the distinct advantage of being part of the Viacom family, giving us the ability to leverage its portfolio of powerful and youthful brands to create and market great films and consumer products."