EA will own the intellectual property and the games, which it will develop, publish and distribute. Spielberg gets the first crack at turning the games into film or television productions.
so they are going to design games with the intent that they be turned into movies or TV shows.
based on the stellar list of games based on movies and movies based on games this is sure to be a recipe for great success.
I'm not too excited either. hopefully they will come up with something good though. most likely they'll be more concerned with making a buck than making something good.