With "Funny People" hitting theatres tomorrow, director Judd Apatow has inked an agreement with Universal Pictures to direct three more films for the studio according to Reuters.  He's already done his first three films with Universal ("The 40-Year-Old Virgin" and "Knocked Up" being the first two) and as the Reuters story notes, at his current pace of a film every two years, the deal would keep him at Universal through 2015.

Hit the jump for further details.

"Funny People" is a big risk for Universal, especially when you consider that the film is 2 hours and 26 minutes cost $75 million dollars, and is receiving mixed reviews. Furthermore, Universal's already having a rough summer with under-performing films like "Land of the Lost", "Public Enemies", and "Bruno".  While I personally can't wait to see "Funny People" despite these financial warning signs (I'm not financially invested in any studio so I'm just being an armchair exec at this point), it still makes sense to stay in the Apatow business. His films, both as a director and a producer, generate far more massive success than they do flops and while there's some backlash against the filmmaker, there will always be backlash against any underdog who had the poor fortune to actually succeed and lose their underdog status.

Apatow is still free to produce pictures with any studio and he has yet to announce what he'll direct next.  As for me, I'm seeing "Funny People" tomorrow and will continue to see any of his films for the foreseeable future.