Anil Ambani to invest in Spielberg's DreamWorks

Los Angeles/Mumbai- According to media reports Hollywood film producers DreamWorks SKG are close to a deal with Anil Ambani's Reliance Big Entertainment, one of India's biggest entertainment conglomerate, to form a new movie venture. According to people familiar with the situation, this move would give director Steven Spielberg the cash to finance his DreamWorks team's departure from Viacom Inc.'s Paramount Pictures later this year, reported Wall Street Journal Wednesday, May 18, 2008.

Reliance ADA Group will invest $500 million to $600 million

In a news report Lauren A.E. Schuker and Merissa Marr say "Mumbai-based Reliance ADA Group would provide Mr. Spielberg and company with $500 million to $600 million in equity, moving them one step closer to ending one of Hollywood's most contentious and closely watched battles."

Britain's Financial Times has been carrying a report by By Joe Leahy in Mumbai and Matthew Garrahan in Los Angeles: "The company, which would likely have funds of up to $1.5bn including debt and equity, would be part of moves by Mr Spielberg and DreamWorks co-founder David Geffen to exit Viacom's Paramount Pictures as soon as their contracts permit it this year.

“Mr Spielberg, as you know, has announced his intention to separate from Paramount,” said one person familiar with the talks in Mumbai. “It [the contact with Reliance] is at a very preliminary stage, ” quotes FT Wednesday, May 18, 2008..