Revitalized studios win Oscar spotlight

By Dean Goodman

LOS ANGELES, Jan 22 (Reuters) - Two small studios recovering from corporate upheaval shone brightly in the Academy Award nominations on Tuesday.

Miramax Films and Paramount Vantage joined forces on "No Country For Old Men" and "There Will Be Blood," which led the field with eight Oscar nominations each.

Miramax also released "The Diving Bell and the Butterfly," which picked up four nominations.

Paramount Vantage's success was clouded a little by the disappointing showing for "Into the Wild," an acclaimed drama that had to settle for two nominations.

Miramax also had one nomination with "Gone Baby Gone," and Paramount Vantage with "The Kite Runner," which was released under the Paramount Classics banner in partnership with DreamWorks. In all, Miramax led the field with 21 nominations, followed by Paramount Vantage with 19.

Miramax is a unit of Walt Disney Co (DIS.N). Paramount Vantage is part of Viacom Inc (VIAb.N)'s Paramount Pictures.

The divisions share similar histories, with new bosses taking the helm in 2005. Daniel Battsek, a veteran of Disney's film operations in the U.K., stepped into the giant shoes of Miramax founders, Bob and Harvey Weinstein. The brothers revolutionized the independent movie business, but fell out with Disney, and left to form their own company.

Former talent agent John Lesher took over Paramount Pictures' arthouse operation as part of a major restructuring initiated by Paramount Pictures chairman Brad Grey.