UPDATE: Here’s what Philippe Dauman, CEO of Paramount’s parent company, has to say:
“Under Brad’s leadership, Paramount has once again become a home for creative innovation and great talent. Brad has also put in place a strong organization to implement a financially sound multi-year strategy centered on our exceptional array of brands and franchises. Paramount is in good hands.”

EXCLUSIVE: I’m told that Brad Grey will be in place as Paramount’s boss until 2014. His contract was expiring next year, and his Viacom pal Philippe Dauman wanted to get a jump on pinning it down, according to my sources. After coming in as an outsider, weathering the DreamWorks warring, and finalizing his administration’s first in-house slate for 2009, Grey now has some breathing room.