Paramount Pictures Pacts With Technicolor to Create State-Of-The-Art Post Production Facility on Paramount's Hollywood Lot
HOLLYWOOD, Calif. and PARIS, March 10, 2009 -- Paramount Pictures, a unit of Viacom (NYSE: VIA and VIA.B) and Thomson (Euronext Paris: 18453; NYSE: TMS), through its Technicolor activities, today announced plans to create a state-of-the-art post production sound facility on the Paramount Hollywood lot. The new sound facility will become the centerpiece of Paramount's Post Production Village, providing a wide range of post production services for filmed entertainment, television productions and commercial producers.
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As a key feature of Paramount's Post Production Village, the new sound facility will include two world-class theatrical mixing stages as well as a full complement of ADR, television mixing and audio editorial rooms.
"We are thrilled to team with Technicolor during this exciting time of expansion to our post production services," said Frederick Huntsberry, Chief Operating Officer, Paramount Pictures. "This sound facility is a significant opportunity to grow our business and an important step in Paramount's efforts to provide filmmakers, as well as television and commercial producers, with a wide range of services in a convenient studio environment."
"It is a pleasure to join with a studio of Paramount's history of excellence on this important project. We look forward to establishing a facility that will offer marquee services to both Hollywood and the global entertainment community," stated Frederic Rose, CEO of Thomson.
Technicolor will manage the operation of the new facility in collaboration with Paramount. In addition, the Paramount Post Production Village will provide producers with editorial facilities to base their entire post production operations on the Paramount lot. The opening of the facility is anticipated for the first quarter of 2010.
Certain statements in this press release, including any discussion of management expectations for future periods, constitute "forward-looking statements" within the meaning of the "safe harbor" of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements due to changes in global economic and business conditions, "media and entertainment" markets, and regulatory factors. More detailed information on the potential factors that could affect the financial results of Thomson is contained in Thomson's filings with the U.S.Securities and Exchange Commission.
About Paramount Pictures Corporation
Paramount Pictures Corporation (PPC), a global producer and distributor of filmed entertainment, is a unit of Viacom (NYSE: VIA, VIA.B), a leading content company with prominent and respected film, television and digital entertainment brands. The company's labels include Paramount Pictures, Paramount Vantage, Paramount Classics, MTV Films and Nickelodeon Movies. PPC operations also include Paramount Digital Entertainment, Paramount Famous Productions, Paramount Home Entertainment, Paramount Pictures International, Paramount Licensing Inc., Paramount Studio Group, and Worldwide Television Distribution.
About Thomson:
Thomson (Euronext Paris: 18453; NYSE: TMS) is a worldwide leader of services to content creators. http://www.thomson.net
SOURCE Paramount Pictures Corporation