speed_thrills
4th October 2008, 17:02
Steven Spielberg and India’s Reliance Big Entertainment have reached an agreement worth as much as US$1.5 billion to create a new, Hollywood-based film studio, ending Dreamworks’ relationship with Paramount, the Times of India reported Saturday.
Reliance CEO Anil Ambani, ranked by Forbes Magazine as the world’s sixth-richest man in 2008, flew to Los Angeles to finalize the deal. JPMorgan Chase will provide up to $700 million in financing for the deal, with Reliance providing an additional $550 million, according to The Times of India.
Stacey Snider, currently Dreamworks’ CEO and co-chairman, will hold the same position at the new venture, due to start operation in January, the Times said.
A Reliance spokesperson declined comment when contacted by The Hollywood Reporter.
http://www.hollywoodreporter.com/hr/content_display/asia/india/e3i2db03fb29d573ec57b2fb0418cfd8fae?imw=Y
Reliance CEO Anil Ambani, ranked by Forbes Magazine as the world’s sixth-richest man in 2008, flew to Los Angeles to finalize the deal. JPMorgan Chase will provide up to $700 million in financing for the deal, with Reliance providing an additional $550 million, according to The Times of India.
Stacey Snider, currently Dreamworks’ CEO and co-chairman, will hold the same position at the new venture, due to start operation in January, the Times said.
A Reliance spokesperson declined comment when contacted by The Hollywood Reporter.
http://www.hollywoodreporter.com/hr/content_display/asia/india/e3i2db03fb29d573ec57b2fb0418cfd8fae?imw=Y