Indian funding for Hollywood - Ambani & Speilberg ink $825 million deal

Bollywood Hungama News Network
New York: Anil Dhirubhai Ambani, Chairman of Reliance ADAG and DreamWorks Studios' Steven Spielberg inked a deal of $825 million for film production under the joint company formed between Reliance BIG Entertainment and DreamWorks in November 2008. The initial phase of funding will include an equity investment from Reliance ADA Group, debt financing from a syndication of banks, as well as funding from Disney. As per plans, DreamWorks will eventually make 5-6 films per year. The Walt Disney Company will handle marketing and distribution of the studio's films around the world, except for India where Reliance BIG Entertainment will retain distribution rights. DreamWorks anticipates starting its first film for the new studio later this year. They have been actively acquiring properties and developing projects for release in 2010, an official release said. "This venture with Reliance opens a new door to our future," said Steven Spielberg. "Their visionary step has given us a new set of dreams to work toward. Stacey Snider (CEO, DreamWorks) and I thank them for their faith in us and their faith in the movie business." Anil Ambani responded, ''We are delighted to partner with such uniquely talented individuals as Steven Spielberg and Stacey Snider. Ever since we looked at their business plan, I have never doubted that we would succeed in providing them with the financial muscle required to realize their dreams.''
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