The New York Times has word that Spielberg and company have alligned themselves with Universal for a six-year deal. This coming on the heels of last week’s official split means that the company will produce at least six films a year with Universal, and likely share credit with Paramount if they tap into any of the projects that were being worked on while there.

“It’s a very lovely homecoming,” said Mr. Spielberg, who has worked on Universal’s lot since 1967, though he and his business partners sold DreamWorks to Paramount Pictures in 2006.

“Even coming through the gate this morning actually felt different,” said Mr. Spielberg, who was clearly ebullient about the arrangement. “I felt better. Less like a squatter.”

Ms. Snider said she expected to have a film ready for distribution by Universal as early as the end of 2009.

Universal will take an eight percent fee, and it is likely the same could be said for Paramount. The “SKG” will also be kept under the company’s title, as Spielberg likens it an old Hollywood tradition, much like having one of your partners sell your soul to Paramount or inevitably tear yourself away from a studio where your income is constantly stolen.