Variety is reporting DreamWorks and India-based Reliance have finalized a deal which will enable DreamWorks to break away from Paramount Pictures. DreamWorks executives Steven Spielberg, David Geffen and Stacey Snider will also be severing their working relationship with Paramount Pictures.

The separation of DreamWorks from Paramount is in no way a surprise move as speculation hasn't been focused on if it would happen but when it would take place.

And a press release issued by Paramount seems to sum up that studio's feelings on the DreamWorks/Reliance deal:

"We congratulate Steven, David and Stacey, and wish them well as they start their newest venture. Steven is one of the world's great story-tellers and a legend in the motion picture business. It has been an honor working closely with him and the DreamWorks team over the last three years and we expect to continue our successful collaboration with Steven in the future."

"To facilitate a timely and smooth transition, Paramount has waived certain provisions from the original deal to clear the way for the DreamWorks principals and their employees to join their new company without delay."

Source: Variety