RIO DE JANEIRO, BRAZIL - JULY 17: Michael Bay attends the press conference for Paramount Pictures' 'Transformers: Age of Extinction' at Copacabana Palace Hotel on July 17, 2014 in Rio de Janeiro, Brazil. (Photo by Raphael Dias/Getty Images for Paramount Pictures International)
Jul 31 (TheWrap.com) - Paramount is keeping cash cow Michael Bay around for the long haul.
The studio announced on Thursday that the “Transformers” director had extended for three more years its first-look deal with Bay's production company, Platinum Dune, and added another of his companies, Bay Films, to the deal as well.
TheWrap first reported that Bay would extend with Paramount on July 11.
“With an ever-growing, worldwide fan base, Michael is truly one of the most inspired and beloved filmmakers of our time,” said Brad Grey, Paramount chairman and CEO. “We take great pride in the fact that Michael is part of the Paramount family and we look forward to growing our productive and successful partnership.”
As they should: Bay's “Transformers 4” has made $967 million worldwide since its early July release, and he's also producing the studio's upcoming “Ninja Turtles” reboot. The “Transformers” franchise has made $3.7 billion at the global box office thus far.
“Over the years I have become part of the Paramount family,” Bay enthused in a press release. “There is a synergy there that feels different than any other place in Hollywood. From Brad Grey and Rob Moore, where my relationship goes back more than a decade, to my very good friend Adam Goodman, and to Philippe Dauman, who has put so much trust in me, and with the powerful marketing of Josh Greenstein and Megan Colligan, Paramount makes for a very comfortable place to work.”