HOLLYWOOD (Variety) - Paramount Pictures, arguably the most risk-averse studio in Hollywood, has brought aboard DreamWorks to co-finance its Ben Affleck sci-fi thriller "Paycheck," the third such deal hammered out recently between the firms.

They have signed similar pacts to co-finance "Lemony Snicket's Series of Unfortunate Events" and "Killing Pablo," having previously partnered on "Saving Private Ryan" and "Deep Impact."

Paramount will handle the domestic release and DreamWorks will take foreign on "Paycheck," which director John Woo will begin shooting in early spring for release at the end of the year.

"Paycheck," based on a short story by Philip K. Dick, centers on an electrician who wakes up to discover his employer has erased his memory of the past two years as a security measure. When he tries to collect his paycheck, he finds he had previously signed a release replacing the money with a bag of random objects.

The "Paycheck" deal also calls for DreamWorks to hold off releasing its comedy "Surviving Christmas," which also stars Affleck, until the 2004 holiday season to avoid going head-to-head with "Paycheck." Shooting begins next week on "Surviving Christmas," in which Affleck's character hires a family with which to share the holidays and discovers they're even more psychotic than his own troubled clan.

Affleck will be seen next month in Fox's "Daredevil," and he's also starring in a pair of upcoming comedies -- Sony's "Gigli" and Miramax's "Jersey Girl."

Other recent Paramount co-productions include "The Hours" and "The Four Feathers" (both with Miramax), "Abandon" (with Spyglass Entertainment), "Serving Sara" (with Mandalay Entertainment) and "K-19: The Widowmaker" (with Intermedia). Since most of these films tanked, Paramount suffered limited downside.