This image was lost some time after publication.

A crucial step in any blockbuster studio move is the self-congratulatory memo to one's underlings following the public deal announcement. New New Paramount™ employees arrived to find this companywide e-mail from DreamWorks-swallowing leader Brad Grey in their inboxes this morning, which, quite frankly, lacked the "Holy fucking shit, I just stole Steven Spielberg from Universal! General Electric is Viacom's bitch!" panache that we were hoping for.

From: xxxx/HR/Group/Paramount_Pictures
Recipients: Paramount_MotionPicture_All
Subject: A MESSAGE FROM BRAD GREY
Date: 02:28:09 PM Yesterday
By now you've all heard or read about our deal to acquire Dreamworks SKG.

I am extremely pleased to announce this exciting new chapter in Paramount's history that brings some of the most creative minds in show business to our company and will truly be a transforming event for this nearly 100-year-old studio.

I know many of you have heard me say that I have a very straightforward plan for reviving Paramount – that plan is to simply make great movies. I’ve also said that to make great movies you need to begin by attracting the best talent, both in front of, and behind the camera.

Well folks, having David Geffen and Steven Spielberg here, and a partnership with Jeffrey Katzenberg and DreamWorks Animation means that the best talent is now at Paramount, and you can be sure great movies will follow.

Let me start by explaining what all of this means:

-It means we’ve got great filmmakers attracting exciting talent and material, generating fantastic movies with Gail Berman and her production team.

- It means Steven and David will enter new employment agreements in their respective roles as Producer/Director and Chairman of DreamWorks.

-The DreamWorks production and development will continue under their leadership, and starting in 2007, DreamWorks will be responsible for producing 4-6 live action films per year. Those movies will be part of our overall target of 14-16 releases per year.

This deal also means that we’ll more readily fill our release slates for 2006 and 2007 by adding films such as DreamWorks Animation’s upcoming "Over the Hedge" and "Dreamgirls" to our slate for ’06. The deal also includes three other films currently in production that are slated for release in 2006 and 2007, including "Flags of our Fathers," to be directed by Clint Eastwood.

What Dreamworks brings to us will fill an important gap for Paramount’s pipeline and accelerate our production growth rate.

Many of you have also heard me talk about Paramount’s global strategy. When I arrived 10 months ago, we immediately focused on growing our international business. Rob Moore hit the ground running and in September we announced our new international distribution structure. One of the most attractive aspects of this deal is that the live-action films, as well as the animated features from Jeffrey, will help us build Paramount around the world with movies that play globally.

As part of the agreement, Paramount will have exclusive theatrical, home video and television distribution for all films from DreamWorks Animation for the next 7 years.

In addition to this agreement with DreamWorks Animation, Paramount will also acquire the distribution rights to the entire DreamWorks SKG live action library, consisting of 59 films.

We expect to command greater distribution strength as a result of these distribution agreements.

DreamWorks SKG and DreamWorks Animation's respective libraries, together with Paramount's library, will make us a much more important supplier to retailers and will increase sales volume both in the U.S. and International markets. And DreamWorks Animation content will provide our overall portfolio with greater weighting in the high-performance family oriented animation segment.

The acquisition of all these great assets is incredible for Paramount, and we can’t wait to roll up our sleeves and start working with David, Steven and Jeffrey in making great movies for audiences all over the world. This new partnership represents an exciting new beginning for us.