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Exclusive Video's on Reliance
Reliance Big Entertainment, DreamWorks close to finalizing $1.5 billion joint film venture
Legendary Hollywood director Steven Spielberg and the founders of the DreamWorks SKG film studio are in the process of finalizing talks with Indian billionaire Anil Ambani’s Reliance Big Entertainment about terms of a $1.5 billion proposal that would allow the DreamWorks principal and his partners to end their association with Paramount Pictures and produce more than 30 films over the next five years at a new independent studio. Read more
India’s $85bn Ambani brothers battle on
WHAT kind of man travels halfway round the world to sabotage the biggest deal of your career, publicly humiliates your mother and then threatens you with legal action? For supporters of Anil Ambani, the second richest man in India, the answer is “your older brother”.
India is no stranger to sibling rivalry, but the feud between Anil and Mukesh Ambani, the world’s richest brothers - their combined fortune is $85 billion (£42 billion) - has enthralled the country’s business community. Read more
India’s Reliance talking with DreamWorks
India’s Reliance Entertainment and other investors are in talks with Hollywood’s DreamWorks SKG to raise up to $2 billion to create a movie venture, two people familiar with negotiations said Tuesday.
Reliance deal moves ahead
Rajesh Sawhney, president of Reliance Entertainment, says the Indian conglom has no illusions about the challenges ahead as it completes its plan to make a $500 million investment in DreamWorks.
“Scale is the second word in our corporate philosophy. The first one is ambition,” Sawhney told Daily Variety.
Reliance Big in talks with Spielberg’s DreamWorks
Anil Ambani Group firm Reliance Big Entertainment is in talks with Steven Spielberg-led DreamWorks Movie Studios to form a joint venture for movies, media reports said here.
According to UK daily Financial Times, DreamWorks and India’s Reliance Big Entertainment are in talks to create a new movie joint venture, a deal which would provide the Hollywood director with an important source of funds for his planned move out of Viacom Inc’s Paramount Pictures.
However, when contacted by PTI, Reliance Big Entertainment spokesperson in Mumbai declined to comment on the reports.
DreamWorks, which would likely have funds of up to 1.5 billion dollars, including debt and equity, would be part of moves by Spielberg and DreamWorks co-founder David Geffen to exit Viacoms Paramount Pictures as soon as their contracts permit it this year, the report stated.
The FT report quoted a person familiar to the talks saying, “Spielberg, as you know, has announced his intention to separate from Paramount. It [the contact with Reliance] is at a very preliminary stage.”
A separate report on the online edition of Wall Street Journal stated that Mumbai-based Reliance ADA Group would provide Spielberg and company with 500-600 million dollar in equity, moving them one step closer to ending one of Hollywood’s most contentious and closely watched battles.
“In Reliance, the DreamWorks team also would have an unusual and ambitious partner in the film business: an Indian firm with interests in telecommunications, financial services and entertainment that wants to build a media empire by financing Hollywood pictures,” the WSJ report stated.
Source: business-standard.com/
Spielberg close to movie deal with India’s Reliance
DreamWorks SKG, the Hollywood film studio, is close to signing a deal with one of India’s biggest entertainment conglomerates to form a new movie venture.
A deal would give director Steven Spielberg, one of the three media moguls who formed DreamWorks in 1994, enough cash to finance his DreamWorks team’s departure from Viacom’s Paramount Pictures later this year.
According to The Wall Street Journal, Reliance ADA Group, based in Mumbai and controlled by billionaire industrialist Anil Ambani, would provide Mr Spielberg and the company with between $500 million (£256 million) and $600 million in equity.
DreamWorks, whose films includes last year’s Blades of Glory and Dreamgirls in 2006, would likely seek another $500 million worth of borrowings elsewhere to finance around six new films a year under the new venture.
The company would then choose a studio to distribute the films.
General Electric’s Universal Pictures, where Mr Spielberg began his career, is thought to be the director’s preference to release his future works, but News Corporation’s Twentieth Century Fox also is thought to be a serious contender.
News Corporation is the owner of Dow Jones, publisher of The Wall Street Journal, and is also owner of The Times.
A spokesman for DreamWorks declined to comment.
DreamWorks was sold to Viacom in 2006 after a more than a decade as a private company.
However, relations between DreamWorks and Viacom’s Paramount became strained and last year DreamWorks began to signal publicly that they might leave the studio in 2008, when the contracts of Mr Spielberg and Mr Geffen allow it.
The team will be allowed to continue using their DreamWorks SKG name, though Viacom would retain rights to the films they created during their time at Paramount.
Mr Spielberg is expected to be joined in the venture by Stacey Snider, chief executive at DreamWorks and the former head of Universal Pictures, who joined Mr Spielberg in 2006.
Reliance’s entertainment division, Reliance Big Entertainment, announced a number of new investments in Hollywood projects last month at the Cannes Film Festival, including providing financing to a handful of Hollywood stars with production houses, such as Jim Carrey, George Clooney, Tom Hanks and Brad Pitt.
The company also said it would also spend more than $1 billion over the next 18 months building its entertainment empire in India and abroad.
Source: business.timesonline.co.uk
Reliance Big in talks with Spielberg’s DreamWorks for JV
Anil Ambani Group firm Reliance Big Entertainment is in talks with Steven Spielberg-led DreamWorks Movie Studios to form a joint venture for movies, media reports said here.
According to UK daily Financial Times, DreamWorks and India’s Reliance Big Entertainment are in talks to create a new movie joint venture, a deal which would provide the Hollywood director with an important source of funds for his planned move out of Viacom Inc’s Paramount Pictures.
However, when contacted by PTI, Reliance Big Entertainment spokesperson in Mumbai declined to comment on the reports.
DreamWorks, which would likely have funds of up to 1.5 billion dollars, including debt and equity, would be part of moves by Spielberg and DreamWorks co-founder David Geffen to exit Viacoms Paramount Pictures as soon as their contracts permit it this year, the report stated.
The FT report quoted a person familiar to the talks saying, “Spielberg, as you know, has announced his intention to separate from Paramount. It [the contact with Reliance] is at a very preliminary stage.” A separate report on the online edition of Wall Street Journal stated that Mumbai-based Reliance ADA Group would provide Spielberg and company with 500-600 million dollar in equity, moving them one step closer to ending one of Hollywood’s most contentious and closely watched battles.
“In Reliance, the DreamWorks team also would have an unusual and ambitious partner in the film business: an Indian firm with interests in telecommunications, financial services and entertainment that wants to build a media empire by financing Hollywood pictures,” the WSJ report stated.
Source: ptinews.com