Tri-Star Pictures and Imagine Films Entertainment announced...

Tri-Star Pictures and Imagine Films Entertainment announced the termination of obligations by Imagine--formed last year by director Ron Howard and producer Brian Grazer--to offer Tri-Star distribution rights for all its television programming and feature films. Imagine, which has received more than $1.7 million from Tri-Star, will make a $1.3-million payment to Tri-Star, the companies said, and advances from Tri-Star will be eliminated. The companies said they “intend to work together on a project-by- project basis,” and that projects already in development or production won’t be affected. Imagine said the modified agreement “provides it with the flexibility to pursue certain financing and distribution opportunities which were not anticipated when the companies entered the original agreement.”