Universal renews Imagine contract

HOLLYWOOD, July 13 (UPI) -- Universal Pictures won't have to imagine life without Imagine Entertainment for another five years, as the two Hollywood giants renewed their agreement.

The pact establishes Imagine, headed by Brian Grazer and Ron Howard, as the producer with the longest run in the studio's history, Variety reported Friday. The contract, due to expire next year, was extended to 2013.

The relationship reaches back to 1986 and includes more than 50 films that have grossed more than $12.6 billion worldwide.

Grazer and Howard said the renewal keeps them focused on a number of projects, including least four films Howard says he hopes to direct over the next few years.