Paramount Pictures says it entered into an exclusive agreement with Hyperion Animation Co. for the creation and release of animated feature-length films.

Paramount, whose animation history includes Betty Boop and Casper, the Friendly Ghost, said the agreement marks its return to animation."For Paramount, this association with the Hyperion Animation Co. represents an exciting way to re-enter the world of animation," David Kirkpatrick, president of Paramount's Motion Picture Group, said in a statment.

Terms of the agreement were not disclosed.

Hyperion, based in Glendale, Calif., will produce family oriented animation features under the three-year agreement. The first feature, a musical romantic-comedy, is to be released in late 1992.

Hyperion was founded in 1984 by producers Thomas Wilhite and Willard Carroll. The company's productions include "The Brave Little Toaster," an animated film, and "Nutcracker," the Carroll Ballard/

Maurice Sendak film. Wilhite and Carroll are now co-producing an animated feature, "Rover Dangerfield," for Warner Bros.