R-ADAG's Reliance Big Entertainment has clinched a $1.2 bn deal with Hollywood’s leading director Steven Spielberg, to finance the director’s future projects. Reliance will invest $500 mn and provide another $700 mn in debt through JPMorgan Chase & Co. Thirty films are likely to emanate from Reliance's co-financing and 10 will go into production soon. The deal will split the long standing tie-up between DreamWorks and Paramount Pictures, which bought the production house for $1.6 bn in 2006.
DreamWorks SKG was founded in 1994 by Spielberg, Jeffrey Katzenberg and David Geffen. Spielberg retains the rights to the name DreamWorks and is expected to affix it to the new entity. Some hit movies produced while DreamWorks was housed at Paramount including the Will Ferrell comedy "Blades of Glory," "Transformers" and "Sweeney Todd: The Demon Barber of Fleet Street." The deal is expected to save Paramount overhead costs by cutting loose the high-priced director. Frictions emerged due to the cost of keeping between Paramount and DreamWorks. Paramount could however still be involved in distributing films made by the group, including jointly produced movies such as the upcoming sequel "Transformers: Revenge of the Fallen." Meanwhile Spielberg is expected to continue to direct "Indiana Jones" sequels with Paramount and Lucasfilm as production companies.
Earlier in the year, Reliance Big Entertainment had announced during the Cannes Film Festival in May, that it would invest $1 bn to develop and co-produce movies with Hollywood stars George Clooney, Brad Pitt, Tom Hanks and Nicholas Cage and filmmaker Chris Columbus' 1492 Pictures. Reliance Entertainment has as many as 100 films in production and development in India, and Reliance Big Entertainment, a subsidiary, is focused on striking cross-border collaborations involving gaming, movies, online, animation and music.
DreamWorks SKG was founded in 1994 by Spielberg, Jeffrey Katzenberg and David Geffen. Spielberg retains the rights to the name DreamWorks and is expected to affix it to the new entity. Some hit movies produced while DreamWorks was housed at Paramount including the Will Ferrell comedy "Blades of Glory," "Transformers" and "Sweeney Todd: The Demon Barber of Fleet Street." The deal is expected to save Paramount overhead costs by cutting loose the high-priced director. Frictions emerged due to the cost of keeping between Paramount and DreamWorks. Paramount could however still be involved in distributing films made by the group, including jointly produced movies such as the upcoming sequel "Transformers: Revenge of the Fallen." Meanwhile Spielberg is expected to continue to direct "Indiana Jones" sequels with Paramount and Lucasfilm as production companies.
Earlier in the year, Reliance Big Entertainment had announced during the Cannes Film Festival in May, that it would invest $1 bn to develop and co-produce movies with Hollywood stars George Clooney, Brad Pitt, Tom Hanks and Nicholas Cage and filmmaker Chris Columbus' 1492 Pictures. Reliance Entertainment has as many as 100 films in production and development in India, and Reliance Big Entertainment, a subsidiary, is focused on striking cross-border collaborations involving gaming, movies, online, animation and music.
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