Paramount announced today it’s renaming and reinvigorating its made-for-home entertainment production division launched in 2007. The newly christened Paramount Famous Productions has been actively developing an inaugural production slate. Now PFP prez Louis Feola says that, starting in 2010, the division expects to release 5 to 6 films annually with titles to encompass a mix of sequels, prequels and remakes based on the libraries of Paramount Pictures, Paramount Vantage, DreamWorks Pictures, MTV Films and Nickelodeon Movies. PFP also wants to work closely with Viacom-owned cable networks such as BET, Comedy Central and Spike TV to develop filmed entertainment content. PFP recently wrapped principal photography on its first feature length film, Without a Paddle: Nature’s Calling, a sequel to the 2004 comedy. It’s scheduled for release in early 2009. In addition, the division is developing a half dozen other projects including spinoffs of its Road Trip (2000), Bad News Bears, Naked Gun, Mean Girls, and Grease. Additionally, Feola announced several senior management appointments. They include: Peter M. Green, SVP of Development & Production; Joel Goldstein, SVP of Business Affairs; and Traci Nishida, VP of Finance.