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Three films produced by Reliance DreamWorks, a venture between industrialist Anil Ambani and Hollywood producer-director Steven Spielberg, have bagged as many as 11 Oscar nominations this year, it was announced Tuesday.
DreamWorks’ backing includes 325 million dollar in bank debt and a matching equity investment of 325 million dollar from Spielberg’s 50 percent partner, India’s Reliance. Importantly, as part of DreamWorks’ recent distribution deal with Walt Disney Co., Disney will lend DreamWorks up to 175 million dollar to fund its movies. Although the 825 million dollar falls far short of the 1.25 billion dollar Spielberg had originally sought, DreamWorks was able to accomplish what most in Hollywood have been unable to do: secure new sources of film funding in financially precarious times. The funds will enable DreamWorks to make 18 to 20 films over the next three years.
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Anil Dhirubhai Ambani, chairman of the Reliance Anil Dhirubhai Ambani Group, the parent company of Reliance Big Entertainment and Reliance BIG Pictures along with Steven Spielberg and Stacey Snider, the principal partners of DreamWorks Studios jointly announced today the completion of the first phase of funding for their new motion picture company, based in Los Angeles, California. They further announced that J.P.
Morgan Securities arranged the syndication of approximately $325 million of senior debt which Reliance Big Entertainment is matching with its equity commitment. The Walt Disney Studios, who will handle marketing and distribution for the studio, will also extend a loan to DreamWorks as part of the distribution deal.
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DreamWorks Studios has closed a film financing deal with Indian conglomerate Reliance ADA Group, the companies said on Monday.
JPMorgan Securities arranged the syndication of about 325 million dollar in financing to DreamWorks Studios, which is headed by Steven Spielberg and Stacey Snider. Reliance Big Entertainment, a division of Reliance ADA Group, is matching that amount.
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The Anil Ambani group has forayed into animation education by launching the Big Animation Infotainment and Media School or Big Aims, a training institute in Pune.
â€œBig Aims is unique and a first-of-its kind,â€ said Ashish Kulkarni, chief executive of Big Animation, the group company that launched the project and made the animated TV series â€œLittle Krishnaâ€.
â€œIt will be a big leap for freshers, amateurs and aspirants to migrate to a much higher level of training practised by major Hollywood studios like Dreamworks,â€ Kulkarni told IANS over phone from Mumbai.
â€œWe will train them and groom them to help learn the basics and principles of storytelling in animation and feature films,â€ he added.
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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. Continue Reading »»
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 â€œyour older brotherâ€.
India is no stranger to sibling rivalry, but the feud between Anil and Mukesh Ambani, the worldâ€™s richest brothers - their combined fortune is $85 billion (Â£42 billion) - has enthralled the countryâ€™s business community. Continue Reading »»
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.
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.
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.