Paramount Pictures chairman Brad Grey has renewed his contract at the studio through 2020, an individual familiar with the deal told TheWrap.
The re-up, an extension of Grey’s existing deal inked through 2017, was signed several months ago according to the insider.
Paramount’s biggest hit this year was “Mission: Impossible — Rogue Nation,” which grossed a domestic total of $194 million. All in all, Paramount has released 10 films in 2015 so far.
Grey is under pressure to expand Paramount’s releases to 15 while focusing on its franchises, which include “Mission Impossible,” “Star Trek,” Transformers” and “Teenage Mutant Ninja Turtles.”
Grey, the founder of Brillstein-Grey Entertainment, became the CEO of Paramount in 2005.
The upcoming slate for Paramount includes “Paranormal Activity: The Ghost Dimension” (Oct. 23), “Scouts Guide to the Zombie Apocalypse” (Oct. 30), “The Big Short” (Dec. 23) and “Daddy’s Home” (Dec. 25).
The studio currently ranks fifth in domestic box office with $563 million, falling behind Universal, Disney, Warner Bros. and Fox. Paramount has also released the fewest number of titles among the studios this year.