Paramount Forms Animation Division

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