Sacha Baron Cohen (Borat, The Dictator) and his studio Four By Two Films signed a deal today with Paramount Pictures for a “three-year first-look.”

Paramount and Baron Cohen have teamed up to create The Dictator, which comes out this May.  Our guess is that the collaboration was successful, and Paramount and Four By Two Films would like to continue working together.

Deadline writes:

As part of the arrangement, Paramount has also created a development fund for Baron Cohen to generate projects in the United Kingdom 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.

This past Sunday, Baron Cohen dressed up as the title role in The Dictator at the Oscars and spilled what he claimed to be Kim Jong Il’s ashes on Ryan Seacrest.

What do you think of this three-year deal?