According to the Wall Street Journal, the Indian telecom giant Reliance ADA Group is planing to invest between 5 and 6 hundred million dollars in Steven Spielberg's DreamWorks SKG in order to help it break away from Paramount Pictures.
Founded by movie moguls Steven Spielberg and David Geffen, US studio Dreamworks has been looking to secure enough financing to regain its independence from Viacom's Paramount Pictures by the end of the year.
The deal would give Reliance a "large stake" in a new, independent DreamWorks, the Journal reported, citing sources close to the deal.
After a break from Viacom, DreamWorks SKG would keep its name, but would have to give up its rights to films produced in the short period the two companies were united.
In addition to the injection of money from Reliance, DreamWorks will need to raise an additional 500 million dollars to put forth a slate of six films a year, the Journal said.
DreamWorks makes both live action films, such as "Saving Private Ryan," and animated movies, including "Shrek" and the current hit, "Kung-Fu Panda."
Date created : 2008-06-19