Variety reports that DreamWorks' long-anticipated deal with India-based production company Reliance has, at last, been finalized, liberating the Spielberg shingle from the icy death grip of Paramount, its parent studio since 2006 with which it's always had strained relations. In a hilarious just-released statement, Paramount says it's forgoing its contractual right to retain certain DreamWorks executives in the interest of getting rid of them posthaste: "To facilitate a timely and smooth transition, Paramount has waived certain provisions from the original deal to clear the way for the DreamWorks principals and their employees to join their new company without delay.” The deal makes DreamWorks a stand-alone production company and ensures that we'll be seeing lots more of Nikki Finke's best-ever Photoshop illustration.

UPDATE: DreamWorks Informed Paramount 24 Hours Ago That Reliance Deal Done; Now Paramount Tells DreamWorks To Leave "Without Delay"; Still No Official DW Statement [Deadline Hollywood Daily]
DreamWorks, Reliance close deal [Variety]

Earlier: Paramount Coldly Denies Blank Check to Steven Spielberg and Peter Jackson