August 12, 2008 |
Reliance Entertainment of India and DreamWorks SKG are close to finalizing a deal to set up a new film company, three people familiar with the negotiations said, allowing Steven Spielberg and others to split from Viacom Inc.'s Paramount Pictures subsidiary. The group has been looking to raise as much as $1.7 billion for the new venture, one person said on condition of anonymity because negotiations are continuing. The deal would end an acrimonious relationship between DreamWorks and Paramount, which bought the moviemaking machine behind "Transformers" and "Dreamgirls" for $1.6 billion in 2006.
August 3, 2009 |
Steven Spielberg has found his next project in the past. Hollywood's most famous filmmaker will direct a remake of the 1950 movie "Harvey," which starred Jimmy Stewart as an eccentric who claims to be friends with an invisible 6-foot rabbit. It was based on a Pulitzer Prize-winning 1944 play by Mary Chase. Spielberg is finishing work on the first of a new series of movies based on the Belgian comic strip "Tintin," which are being co-financed by Paramount Pictures and Sony Pictures.
December 19, 2008 |
Everyone in Hollywood knows that one of the world's wealthiest filmmakers, Steven Spielberg, hates to spend his own money making movies. But Spielberg and India's Reliance Big Entertainment -- his equity partner-in-waiting -- are expected to write a hefty check to Paramount Pictures next month to buy 17 projects to jump-start their new independent studio. Facing a due date of Jan. 15, Spielberg and Reliance will have to pay DreamWorks' former owner anywhere from $25 million to $35 million for the projects, depending upon commitments to screenwriters.
September 20, 2008 |
Viacom Inc.'s Paramount Pictures has released DreamWorks SKG co-founder Steven Spielberg and his team of executives from their contracts, paving the way for the famous filmmaker to form a new studio backed by India's Reliance ADA Group. The move spells an end to a short-lived and acrimonious corporate marriage that at the same time provided Paramount with some of its biggest hits in recent years.
May 25, 2011 |
Former Universal Pictures co-Chairman David Linde has unveiled his new independent film finance and production company, the latest Hollywood venture to be backed by India's Reliance Entertainment. A spokesman for Linde declined to disclose details of the deal with Reliance, including how much capital the company is investing in the yet-to-be-named venture and what its ownership stake is. Reliance Entertainment, a division of the Indian media conglomerate Reliance ADA Group, has been stepping up its investment in Hollywood over the last several years.
April 11, 2012 |
Steven Spielberg's struggling DreamWorks Studios has gotten a new lease on life thanks to a $200-million investment from its primary financier, India's Reliance Entertainment, said a person with knowledge of the matter unauthorized to speak publicly. Dreamworks' shortage of cash since late last year has left many in Hollywood nervous about its future. The company, led by Chief Executive Stacey Snider, sharply cut back on its development and production spending. The independent studio has only two movies set to come out this year - the low-budget drama "People Like Us" and the Spielberg-directed biopic "Lincoln" - compared with six in 2011, the first year that it released films in its current incarnation.