It's not a big surprise, but the refashioned DreamWorks studio - with Steven Spielberg and partner Stacey Snider - has cut a seven-year distribution deal with Universal. The move comes after DreamWorks jettisoned its acrimonious relationship with Paramount just a few weeks back. Under the new deal, Universal distributes up to six pictures a year and invests $150 million in the new venture, in return for an 8 percent distribution fee. Variety says that's similar to the amount Paramount collects for releasing DreamWorks Animation features. From the NYT:

“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.”

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More remarkable is the departure of David Geffen, who had been a partner with both executives in running DreamWorks as a Paramount unit, and had joined Mr. Spielberg and Jeffrey Katzenberg 14 years ago in forming DreamWorks SKG. Mr. Spielberg said he had known for at least 18 months that Mr. Geffen did not intend to remain with the new company.

Spielberg says the SKG initials will remain, even though he's the only one left.