Paramount has become the third Hollywood studio to sign on to the European VPF plan proposed by Arts Alliance Media. The press release comes just in time for ShowEast. From the press release we learn that:

AAM is the only studio-backed digital cinema integrator in Europe. In June 2007, AAM signed Europe’s first long term agreements with Twentieth Century Fox and Universal Pictures International for digital cinema deployment across Europe, for close to 7000 screens over the next few years.

Andrew Cripps, PPI’s president said “PPI is delighted to have reached this agreement with Arts Alliance to roll out DCI compliant digital projection systems across Europe. This is a real step-change in the international arena which will only accelerate as 3D product becomes more commonplace and Paramount is proud to be at the forefront of this.”

There is a lot of talk in the press release about digital 3D, perhaps understandably as Paramount has ‘Beowulf‘ coming out soon (though it is distributed by Warner Bros in Europe) and is home to Dreamworks Animation SKG, which will release all of its films in digital 3D as of 2009.

The Paramount deal was to be expected as it was the one-time half of UIP, with former partner Universal (with whom it is still linked is some smaller European territories) having already singed a VPF deal with AAM. It will be interesting whether AAM wil announce any other studio partners or will come out with an exhibitor partner announcement next.