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Spielberg May Split From Paramount

Angry director could pack up DreamWorks and leave studio
By Heather McPherson,  Newser User
Posted Jul 20, 2007 10:23 AM CDT
Spielberg May Split From Paramount
Steven Spielberg arrives at St. Matthews Cathedral in Washington, May 1, 2007 to attend the funeral service for Jack Valenti. (AP Photo/Susan Walsh)   (Associated Press)

(Newser) – Steven Spielberg is so disillusioned with Paramount Pictures that he may bail on the studio, which less than 2 years ago bought the director's DreamWorks for $1.53 billion. The legend behind Jaws, E.T.,  and Transformers is furious that Paramount takes credit for his movies and mistreats his friends, including firing best bud Tom Cruise, Business Week reports.

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The move, which can't come before Spielberg's 3-year contract expires in late 2008, would devastate Paramount. Studio chief Brad Grey's attempts to make peace with the three-time Oscar winner include donating $1 million to Spielberg's Shoah foundation, but the damage may already be done. Says one industry exec: "If it continues like it is, they're gone." (Read more Steven Spielberg stories.)

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