Spielberg, Paramount Ankle Each Other

So it turns out Steven Spielberg and Paramount don't need each other after all! Variety brings word of a new deal for DreamWorks:

DreamWorks has finally closed the deal with India-based Reliance to leave Paramount Pictures and create a stand-alone production company.

DreamWorks principals Steven Spielberg, David Geffen and Stacey Snider are severing ties with the Melrose studio. Though the deal, valued anywhere between $500 million and $1.2 billion, has been anticipated for some time, what had been unclear was the fate of DreamWorks' executives, who would have been contractually obligated to remain employed by Paramount. In a surprise move, Paramount waived its right to keep DreamWorks' execs in its fold.