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| ADAG in movie deal with Spielberg's DreamWorks |
| Press Trust of India / New York Jul 15, 2009, 19:56 IST |
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 Making his entry into Hollywood, industrialist Anil Ambani today began discussions with directors Steven Spielberg and Stacey Snider for producing films for which he would make available an initial funding of $825 million.
"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've never doubted that we would succeed in providing them with financial muscle required to realise their dream," Ambani said, immediately after the meeting.
The Anil Dhirubhai Ambani group (ADAG) would provide over Rs 4,000 crore for film production and the initial phase of funding would include an equity investment from his group and debt financing from a syndication of banks as well as Disney.
Ambani's Reliance Big Entertainment had entered into a $1.5 billion partnership with Hollywood studio DreamWorks last year.
DreamWorks anticipates starting the first film for the new studio later this year. DreamWorks will eventually make 5-6 films per year.
Equity component would be $325 million, while Disney would infuse $125 million and the balance from a syndication of banks and other investors.
"We're very excited that we're in business again, independent of motion picture studios," Spielberg said in a conference call with reporters.
"This is a way we can have control over our products as well as co-ownership," he said.
DreamWorks based in Los Angeles will eventually make 5-6 films per year.
The goal of the partnership is quality commercial entertainment, said Snider, who was associated with the 'Gladiator' and '21 Grams'.
The rights for all these films across platforms such as theatres, DTH, television, DVD's will remain with Reliance.
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