Director Steven Spielberg has formally quit Paramount Pictures and will now launch a brand new film venture.

The legendary movie maker will reportedly produce 35 movies in the next five years as part of the forthcoming multi-billion deal with India's Reliance ADA Group. Spielberg will stay at the helm of the Transformers franchise for Paramount, and will collaborate on three other movies for the Hollywood giant, including the science-fiction remake of When Worlds Collide - slated for a 2010 release. Both parties say the split is amicable.

Paramount Pictures CEO Brad Grey says, "We have had a great run with the DreamWorks team both creatively and financially. In particular, it has been a true honor working closely with a storyteller of Steven's talent and stature."

Spielberg says he had "enjoyed a productive creative and business collaboration" with Paramount and spoke of "extending the relationship for many years to come."

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(This news article provided by World Entertainment News Network)