The three-year agreement also reunites Pitt with his former manager and Plan B partner Brad Grey, who is now Paramount Pictures chairman and CEO, according to Hollywood Reporter.
Grey said he began thinking of bringing Plan B -- previously based at Warner Bros. -- to Paramount soon after he was made chairman this year. Grey then announced Paramount's first Pitt movie under his tenure, "Babel."
"Once I had decided to go to Paramount, Alan (Horn) and Jeff (Robinov) and everyone else involved at Warners were very gracious," he said. "They were terrific about it."
Plan B's creative team is led by president and former Paramount executive Dede Gardner, along with executives Kristin Hahn, Jeremy Kleiner and Kassie Evashevski.