Indian billionaire Anil Ambani-led ADAG Group and Hollywood director Steven Spielberg’s Dreamworks Studios have completed the first phase of funding for their new motion picture company.
ADAG, the parent firm of Reliance Big Entertainment, and Dreamworks’ principal partners — Spielberg and Stacey Snider — have completed the first phase of funding for the new Los Angeles-based company, the firms said in a statement on Monday.
Further, both entities said JP Morgan Securities arranged the syndication of about $325 million of senior debt — which has priority in repayment over other kinds of debt — which Reliance Big Entertainment is matching with its equity commitment.
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