This post has been updated. See note below for details.
Walt Disney Studios will no longer release movies from its partner DreamWorks Studios everywhere around the world.
The two companies have renegotiated their longstanding agreement. Going forward, Disney will release movies produced by DreamWorks, the independent studio led by Steven Spielberg and Stacey Snider that made "War Horse" and "The Help," in the U.S., Canada, Latin America, Australia, and most of Asia.
DreamWorks has signed a deal with Mister Smith Entertainment, a new company headed by Summitt Entertainment co-founder David Garrett, to handle sales in Europe, Africa and the Middle East.
Mister Smith (whose name was inspired by the Frank Capra classic "Mr. Smith Goes to Washington") will pre-sell foreign distribution rights to upcoming DreamWorks productions such as "Need for Speed," based on the car racing video game, and an untitled comedy from French-Canadian filmmaker and comedian Ken Scott, to local distributors in each foreign country.