The rumors of a new animation studio have been circulating for a while now and that gossip has turned out to be true, as a new announcement was made earlier today.  Chris Meledandri, former head of 20th Century Fox Animation is now setting up a new family entertainment studio at Universal Pictures. The new unnamed company starts this spring and will create both live action and animated films that Universal will distribute worldwide under a 5 year agreement.

Universal is providing all the initial financing, but the company will seek outside financial partners that would cover some of the costs.  The new studio will create three pictures a year, with the first to be released in 2009.  The deal gives Universal entry into the animated film business.  All pictures are slated to be family G-Rated films.

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