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Spielberg’s DreamWorks, Reliance ADAG close to forming new movie venture

19-June-2008
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Spielberg’s DreamWorks, Reliance ADAG close to forming new movie venture

Once the deal materialises, it could be India’s dream foray into Hollywood big league. DreamWorks SKG, the film studio of Steven Spielberg and David Geffen, and Reliance ADAG are in talks to form a new movie venture. As part of the deal, Reliance is likely to pump in $500-$600 million in equity into the venture.

The news first appeared in Wall Street Journal on Wednesday. According to the paper, the capital provided by Reliance would help DreamWorks to part ways from Viacom Inc’s Paramount Pictures later this year.

The paper further reported that the Reliance-DreamWorks movie venture would produce about six films every year.

WSJ also stated that the new company might be headed by DreamWorks CEO Stacey Snider.

Reliance officials are tightlipped about the deal. Further details are awaited.

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