LOS ANGELES (Reuters) - Paramount Pictures, a unit of Viacom Inc, said on Wednesday it extended its film production agreement with director Ivan Reitman’s The Montecito Picture Co through February 2012.

The partnership gives Paramount an exclusive first look at Montecito’s productions and a nonexclusive opportunity to co-finance films through Montecito’s financing facility, Cold Spring Pictures.

Montecito was set up in 1998 by Reitman, the creative force behind films like “Animal House,” and “Ghostbusters” and Tom Pollock, former Universal Pictures chairman.

Cold Spring Pictures was established in 2006 by Reitman and Pollock with Merrill Lynch and other financial partners.