What does it all mean? Rumors surfaced last week that Dreamworks wouldn’t end up with Universal, which had been the assumption all along, but that the mini-studio would rather sign a distribution deal with Disney. And so it has come to pass.

Below is the press release, but Anne Thompson at Variety has a look at the still-unanswered questions in regards to the deal, the biggest being how will Dreamworks’ theme park partnership with Universal work now, and what will happen with Dreamworks Animation?

The Walt Disney Studios Enters Exclusive Long-Term
Distribution Agreement With DreamWorks Studios; Steven Spielberg &
Stacey Snider Align With Disney to Distribute and Market Their
Live-Action Motion Pictures

BURBANK, Calif., Feb. 9  — The Walt Disney Studios has agreed to
enter into an exclusive long-term distribution arrangement with
filmmaker and DreamWorks Studios co-founder Steven Spielberg, and
partner Stacey Snider, chief executive officer of DreamWorks, to
distribute all upcoming live-action motion pictures produced by
DreamWorks under their partnership with Reliance BIG Entertainment,
part of The Reliance Anil Dhirubhai Ambani Group, it was announced
today by Dick Cook, chairman of The Walt Disney Studios.

Under the terms of this arrangement, Disney will handle distribution
and marketing for approximately six DreamWorks films each year. The
first DreamWorks motion picture to be released under the Touchstone
Pictures banner is scheduled to hit theaters in 2010.

DreamWorks principals Spielberg and Snider partnered with Reliance
BIG Entertainment last fall to form a new motion picture company. In
addition to being a partner in DreamWorks, Reliance will also
distribute the new company’s projects in India.

Commenting on the announcement, Cook said, “We’re both thrilled and
honored to be marketing and distributing all of DreamWorks’ signature
upcoming live-action motion pictures, and to begin a new relationship
with such respected colleagues as Steven, Stacey, and their creative
team at DreamWorks. Steven has made some of the biggest and most loved
films of all-time, and continues to be one of the great icons of our
industry. Stacey has an impeccable reputation and a phenomenal track
record for making a wide variety of quality films. Their motion
pictures will be the perfect complement to the already robust slate of
Disney and Touchstone films being made by Oren Aviv and his team.”

Bob Iger, president and CEO, The Walt Disney Company, added, “We are
tremendously pleased to join forces with Steven Spielberg, whose
artistic vision and commitment to quality filmmaking are legendary.
DreamWorks has had a great creative and commercial track record under
the leadership of Steven and Stacey Snider and I am delighted they’re
now associated with Disney.”

Steven Spielberg said, “Disney is the birthplace of imagination and
has always been as close to the worldwide audience as any company ever
has. I am so pleased that industry leaders like Bob Iger and Dick Cook
reached out to become our distribution partner. This is a major step
forward for us and Reliance.”

Stacey Snider added, “Under Bob Iger and Dick Cook’s leadership, The
Walt Disney Company represents the highest standard of quality in our
industry. Everyone at DreamWorks is thrilled to be embarking upon this
new and exciting partnership and we look forward to our future with
their great team.”

About The Walt Disney Studios

The Walt Disney Studios is a unit of The Walt Disney Company (NYSE:
DIS) and produces and distributes motion pictures under the following
banners: Walt Disney Pictures(which include live-action movies,
animated feature films from Walt Disney Animation Studios and Pixar
Animation Studios) as well as Touchstone Pictures, Hollywood Pictures
and Miramax Films. Walt Disney Studios Motion Pictures International
serves as the Studio’s international distribution arm. Walt Disney
Studios Home Entertainment distributes Disney and other film titles to
the rental and sell-through home entertainment markets. Disney
Theatrical Group is among the world’s most successful commercial
theatre enterprises producing or licensing live entertainment events
that reach a global annual audience of more than 20 million people in
more than 40 countries, and the Disney Music Group distributes original
music and motion picture soundtracks under its three record labels:
Walt Disney Records, Hollywood Records and Lyric Street Records.

About DreamWorks Studios

Steven Spielberg and Stacey Snider and The Reliance Anil Dhirubhai
Ambani Group announced the formation of a new motion picture company
which will be led by Spielberg and Snider. The new company is a
continuation of DreamWorks Studios which was formed in 1994 by Steven
Spielberg, Jeffrey Katzenberg, and David Geffen. The company won three
consecutive Best Picture Academy Awards with “American Beauty,”
“Gladiator,” and “A Beautiful Mind” (co-produced with Universal). Among
the company’s other successes have been such films as “Saving Private
Ryan” (co-produced with Paramount), “The Ring,” “Minority Report”
(co-produced with 20th Century Fox), “War of the Worlds,” “Dreamgirls,”
and “Transformers” (all co-produced with Paramount). Snider joined
DreamWorks Studios in 2006 as Co-Chairman and CEO. Snider has overseen
the company’s business strategy as well as the creative and financial
aspects of all film development and production.