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Paramount Pictures chief Brad Grey’s contract extended through 2020

Tom Cruise stars in "Mission: Impossible -- Rogue Nation," the most successful film on Paramount Pictures' thin release slate in 2015.

Tom Cruise stars in “Mission: Impossible -- Rogue Nation,” the most successful film on Paramount Pictures’ thin release slate in 2015.

(Bo Bridges / Associated Press)
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Paramount Pictures Chairman and Chief Executive Brad Grey has signed a contract extension that will keep him at the Melrose Avenue studio through 2020.

Grey signed the agreement during the summer, according to a person familiar with the deal who was not authorized to speak publicly. The contract extension was first reported by Variety.

Grey’s previous extension in 2011 put him under contract through 2017.

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Viacom Inc.-owned Paramount has suffered from a thin slate of films in the last several years as its output has greatly decreased. The studio so far this year ranks in fifth place in terms of domestic box-office market share, behind Universal, Disney, Warner Bros. and 20th Century Fox. Paramount has released just six films in 2015 so far.

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Earlier this year, the studio named Marc Evans as its film president, replacing Adam Goodman, in the hopes that he would beef up the slate.

Paramount’s highest grossing movie this year is “Mission: Impossible — Rogue Nation,” with $194 million in U.S.-Canada ticket sales, but it has put out few other hits. Its upcoming releases include “Paranormal Activity: The Ghost Dimension,” “Scouts Guide to the Zombie Apocalypse,” and “The Big Short.”

The studio declined to comment.

Follow Ryan Faughnder on Twitter for more entertainment business coverage: @rfaughnder


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