Former butt-lovers Ben Affleck and Matt Damon along with third-wheel Sean Bailey have announced that they are disbanding their shared company LivePlanet. The eight year old multimedia company had a deal with Disney which ended December 31, 2007. Guess nobody wants to pay those bills anymore.

Sean Bailey has formed Idealogy Inc. and has a new deal at Disney that runs through 2010. He will take over all of the film projects launched through LivePlanet.

Affleck and Damon, whose screen work left them little time for the company, haven’t made new deals yet. Affleck established himself as a worthy writer-director with “Gone Baby Gone,” and replaces Edward Norton in a starring role in the Kevin Macdonald-directed “State of Play” for Universal.

Damon follows the success of “The Bourne Ultimatum” by re-teaming with director Paul Greengrass in the Universal drama based on the book “Imperial Life in the Emerald City,” and then he’ll appear in Steven Soderbergh’s “The Informant.”

Sean Bailey said of the company’s demise:

“When the deal concluded, this seemed a natural evolution…. We’ve worked together eight years now at this company, and four years before that. Ben’s now a filmmaker and an actor, and Matt has been working quite a bit. I wanted to continue to grow a production company, but I hope and expect that we will still work together on projects.”

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