Paramount Pictures, a unit of Viacom Inc., will soon be spending up to 100 million U.S. dollars to make its own animated features for release in 2014, the studio announced on Wednesday.
Paramount Animation, the studio's in-house animation division, will be set up as part of the studio's long-term strategy for growth and the first title is expected to hit the screen in three years. It will make at least a film per year, according to the studio.
"Establishing an in-house animation division was the logical next step for us," Paramount Chairman & CEO Brad Grey said.
The unit will be developing the broadest range of family CGI animated films, with a key piece being titles under the label of Viacom's Nickelodeon, the number one entertainment brand for kids worldwide. Paramount will also look to build on Viacom's already thriving global consumer products business by seeking to capitalize on merchandising opportunities tied to all Paramount Animation releases.
The studio is now looking for the new head of the division.
The studio's first fully owned CGI animated film was "Rango," which was released in March. The western, directed by Gore Verbinski and featuring voice of Johnny Depp in the title role, has grossed 240 million dollars in worldwide box office.
