Studio launches in-house animation department.

Paramount Pictures has officially announced its launching an in-house animation division, with its first title slated for release in 2014. In making the announcement, Paramount Chairman & CEO Brad Grey said the initiative was part of the studio’s long-term strategy for growth and that the new division, Paramount Animation, will focus on high quality animation with budgets per picture of up to $100 million.

The studio aims to develop “the broadest range of family CGI animated films,” with plans to have one release per year.

“We’ve come a long way over the last six years,” said Grey. “Our team has worked hard to build best in class production, marketing and distribution divisions which have proven they consistently execute at the highest level across all genres and price points. Establishing an in-house animation division was the logical next step for us.”

The move was inspired by the successful release of ‘Rango,’ the studio’s first fully owned CGI animated property was, released to great acclaim earlier this year. The Gore Verbinski-directed western has grossed over $240 million worldwide and is the best reviewed animated movie so far this year.