BREAKING: Paramount Pictures has signed Sacha Baron Cohen and his Four By Two Films banner to an exclusive three-year first-look deal. Four By Two Films will be headed by Sir Todd Schulman, who worked on the Baron Cohen films The Dictator and Bruno.

Deal comes after Baron Cohen’s memorable stunt on the Oscar Red Carpet, where he dumped what he said was the ashes of North Korean leader Kim Jong Il over emcee Ryan Seacrest’s tux jacket. All this as the star and studio prepare to release the comedian’s latest film The Dictator on May 11th. They simultaneously have agreed to partner again on Baron Cohen’s next original star vehicle. As part of the arrangement, Paramount has also created a development fund for Baron Cohen to generate projects in the UK to find new talent.

“Sacha is a comic genius. A wildly talented writer, actor and filmmaker. Beyond that, he is the rare global comedy star. On behalf of all of us at Paramount, we welcome Sacha and look forward to The Dictator and many more great pictures for years to come,” said Brad Grey, Chairman and CEO of Paramount Pictures.

In The Dictator, Baron Cohen plays a dictator who risks his life to ensure that democracy would never come to the country he so lovingly oppressed. Ben Kingsley and Anna Farris also star, and the film was directed by Borat helmer Larry Charles and produced by Baron Cohen, Alec Berg, Jeff Schaffer, David Mandel and Scott Rudin. The film’s executive producers are longtime collaborators Anthony Hines, Dan Mazer and Peter Baynham (Da Ali G Show, Borat, Bruno).

Baron Cohen is repped by WME.