It’s official, DreamWorks and Paramount are now two separate entities. Here’s what you need to know:

- Spielberg and Stacey Snyder are now in partnership with Dubai’s  Reliance BIG Entertainment.

- David Geffen, who arranged the deal, will not be joining the new DreamWorks.

- The majority of the DreamWorks staff will make the move with their principals.

- DreamWorks will “take the lead” on development projects that Paramount will have the option of co-financing and co-distributing.

- Transformers stays at Paramount, and Spielberg stays with it. Three additional films will be produced by Spielberg under Paramount.

If you want to know the rest, the release will be below the cut!

Paramount Pictures and DreamWorks principals today announced the formalization of their transition agreements as Steven Spielberg and Stacey Snider depart to form their previously announced new motion pictures company in partnership with Reliance BIG Entertainment. David Geffen, who oversaw the transition for DreamWorks, will not be joining the new company.

As part of the separation agreement, the DreamWorks principals’ new company will take the lead on a number of development projects, which Paramount will have the option to co-finance and co-distribute. The majority of existing DreamWorks staff is expected to be offered positions at the new company.

All other projects currently in development will remain at Paramount with the opportunity for the Reliance-backed venture to co-finance several projects to which Spielberg is attached. In addition, Spielberg will continue to produce the “Transformers” franchise for Paramount and will also collaborate on three other Paramount films including, When Worlds Collide.

Brad Grey, Chairman and CEO of Paramount Pictures said, “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. We are also grateful to David and Stacey for their exceptional leadership, creative talent and many contributions to our partnership over the past few years. We look forward to building on our joint successes as Paramount plans for the future.”

Spielberg added, “Brad is a friend and I am pleased to be able to continue to work with him and his team with whom we have shared many successes. We have enjoyed a productive creative and business collaboration with Brad, Paramount and Viacom over the past few years and are enthusiastic about extending the relationship for many years to come. And I have a very special thanks to David Geffen for his far reaching vision that has made it possible for me to steer this new course. His advice and wisdom have always been right on the money. He is a friend for life.”

“We are grateful to Brad, Rob and the entire Paramount team for their generous support and constant creativity. We are very proud of the films we produced and marketed together. We’re excited about this new venture which wouldn’t have been possible without the business genius and loyalty of David Geffen,” said Stacey Snider, Co-chairman and CEO of DreamWorks Studios.

Rob Moore, Vice Chairman Paramount Pictures added, “It has been rewarding to work with the DreamWorks team and I’m gratified we’ll have the opportunity to continue to work together. We wish them the best as they launch their new venture.”