Platinum Studios, Inc. (the "Company" or "Platinum") and Hyde Park Entertainment, Inc. ("HPE") have entered into an agreement (the "Agreement") to co-produce the motion picture entitled "Dead of Night" (the "Picture"). The Picture is based on the screenplay written by Thomas Dean Donnelly and Joshua Oppenheimer (the "Screenplay"), which is based on the comic book series "Dylan Dog." The Company has the exclusive rights to acquire the Screenplay and all the characters, settings, worlds, designs, illustrations and storylines contained in the Screenplay (the "Property") from Disney subject to the reimbursement of Disney for certain costs incurred by Disney in connection with the Screenplay in the amount of $225,000 plus interest. The funds for the acquisition of such rights in the Screenplay will be includedin the budget of the Picture and the Company is not required to finance such purchase, independently

Pursuant to the terms of the Agreement, HPE agreed to arrange financing of the Picture subject to its approval of the final screenplay, chain of title, budget, principal cast, key crew, director and principal locations. The budget for the film will include customary, arms-length third party costs, bond fee, contingency, third-party banking costs, a producer's fee to Scott Mitchell Rosenberg Productions, Inc. ("SMRP") (a loan-out corporation, owned by the Company's CEO) of $250,000 (of which 50% is allocated to Ervin Rustemagic), a $500,000 producer's fee to HPE and a rights fee to the Company and certain third-parties unaffiliated with the Company of $500,000 (of which 75% is payable to the Company and 25% is allocated to SAF B.V.) The Company is also entitled to a deferred rights fee of $562,500 and SMRP is also entitled to a deferred producer's fee of $125,000.

Production of the Picture is scheduled to begin on or before September 30, 2008 (the "Outside Date")..If production has not started by the Outside Date and the Company receives written confirmation from the production lender that the financing is in the process of being completed then the Outside Date shall be extended for another 90days, after which date the rights to the Property revert to the Company. If the rights revert to the Company and it enters into an agreement with Oceana to finance "Dead of Night" within one year of the reversion, the Agreement shall be reinstated.

The Company reserve the following rights for use and disposition: (A) publication rights, (B) non-picture related classic merchandise, (C) picture-related merchandising rights, and (D)interactive software game rights.

On May 12, 2008, the Company issued a press release concerning some of the matters discussed above. A copy of such press release is being furnished as Exhibit 99.1 to this current report on Form 8-K.

The information in this Item 7.01 of this current report on Form 8-K, together with the information in Exhibit 99.1, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Such information shall not be deemed incorporated by reference into any registration statement or other document filed with the SEC.

(c) Exhibits.

Exhibit                        Description
Number

  10.1     Letter Agreement dated January 10, 2008 between
           Platinum Studios, Inc. and HydePark Entertainment,
           Inc.

  10.2     Letter Agreement dated January 10, 2008 between
           Platinum Studios, Inc. and HydePark Entertainment,
           Inc.

  99.1     Press Release dated May 12, 2008