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Paramount Pictures and Plan B have entered into a first-look production agreement that will bring the production company to the studio. The agreement, which is effective immediately, moves Plan B, which is now owned by Brad Pitt, out of its deal with Warner Bros. and gives Paramount an exclusive first opportunity to produce theatrical motion pictures developed at Plan B over the next three years. The deal was announced today by Paramount Pictures Chairman and CEO Brad Grey.

"It's been no secret that I've wanted Plan B to have a home at Paramount, and it's especially gratifying to be bringing Brad and my old friends and colleagues from Plan B over as one of our first major production deals for the studio," said Grey.

"Having great respect for Brad's vision, we're excited for this opportunity to continue building our company in partnership with him and his team at Paramount," said Pitt.

Plan B's creative team is led by President Dede Gardner, along with executives Kristin Hahn, Jeremy Kleiner and Kassie Evashevski. Brillstein- Grey partners Cynthia Pett-Dante and Jon Liebman are also expected to play a significant role in Plan B's overall operations in the future. Pett-Dante is Brad Pitt's long-time manager. Plan B will remain in its Beverly Hills headquarters.

Plan B already has several projects in development at Paramount including True Story and Glass Castle. True Story, from the book of the same name by former New York Times reporter Michael Finkel, is based on the true events of his life that unfold after a murder suspect has stolen his identity. The film will be directed by Kevin MacDonald. Dede Gardner and Jeremy Kleiner will oversee the project for Plan B.

Glass Castle is based on the memoir of New York columnist Jeanette Walls, a woman who must come to terms with her homeless upbringing as the child of an alcoholic, nomadic father and mentally unbalanced mother. Anne Meredith is writing the screenplay. Dede Gardner and Kristin Hahn will oversee the project for Plan B.

Plan B's projects that will remain in development at Warner Bros. include The Assasination of Jesse James By the Coward Robert Ford, (produced with Scott Free) starring Brad Pitt; The Curious Incident of the Dog In the Niht-Time, (produced with David Heyman); The Hatfields and the McCoys, and Shantaram, (produced with Graham King and Johnny Depp). Jennifer Aniston, an original partner in Plan B, will continue to be involved in a number of the Warner-based projects.

Pitt stars in two upcoming pictures for Paramount including Babel, (currently in production) directed by Alejandro Gonzalez Inarritu, and The Curious Case of Benjamin Button (a co-production with Warner Bros.) to be directed by David Fincher.

PLAN B was formed by Pitt, Aniston and Brad Grey while Mr. Grey was Chairman of Brillstein-Grey. In addition, PLAN B produced the upcoming feature film, Charlie and the Chocolate Factory, produced by Brad Grey and Richard Zanuck, directed by Tim Burton and starring Johnny Depp, which is scheduled for release by Warner Bros. on July 15; The Departed, produced by Graham King and Brad Grey, directed by Martin Scorsese and starring Leonardo DiCaprio and Matt Damon, which is currently in production; and Running with Scissors, written and directed by Ryan Murphy and currently in post- production for Tri-Star Pictures.