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In August 2012, Variety reported that Paramount Animation was in the process of starting the development of several animated films with budgets of around US$100 million.
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It was also announced that The SpongeBob Movie: Sponge Out of Water, a standalone sequel to 2004's The SpongeBob SquarePants Movie and based upon the popular Nickelodeon TV show, SpongeBob SquarePants, is the studio's first film and would be released in 2014. In February 2012, Stainton resigned for personal reasons, with Paramount Film Group's president, Adam Goodman, stepping in to directly oversee the studio. In October 2011, Paramount named a former president of Walt Disney Feature Animation, David Stainton, president of Paramount Animation. In July 2011, in the wake of critical and box office success of Paramount Pictures and Nickelodeon Movies' animated feature, Rango, and Paramount's departure of DreamWorks Animation upon completion of their distribution contract with Madagascar 3: Europe's Most Wanted and Rise of the Guardians in 2012, Paramount announced the formation of a new division, devoted to the creation of animated productions.