Viacom-owned Paramount Pictures is launching an in-house animation division that will churn out its first title in 2014. Newly established Paramount Animation is focusing on CGI-animated films budgeted at up to US$100 million per picture.
Paramount Animation is positioned to focus on titles within the Viacom family, most notably on those stemming from the Nickelodeon brand. Building on Viacom’s global consumer products business by capitalizing on merchandising opportunities tied to all Paramount Animation releases is also a priority.
The division is part of the studio’s long-term strategy for growth and will be housed within the Paramount Motion Picture Group. Initially, there will be one movie release per year. A search for the leader of the division is currently underway.
While Paramount has released an array of animated and youth-oriented films in its history, the company’s first fully owned CGI-animated property was March’s Rango (pictured), which has grossed more than US$240 million worldwide.