Business Daily from THE HINDU group of publications
Sunday, Sep 21, 2008
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Business Daily from THE HINDU group of publications Sunday, Sep 21, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Cinema Corporate - Mergers & Acquisitions Reliance ADAG in pact with DreamWorks
Mr Steven Spielberg Our Bureau Mumbai, Sept. 20 The Reliance ADAG group has signed a deal with Steven Spielberg-led DreamWorks SKG for a $1.2 billion-film production company, the Wall Street Journal said on Saturday. Persons close to the ADAG group and with knowledge of the deal confirmed the development. Company officials refused comment. According to the WSJ report, Reliance ADAG, through Reliance Big Entertainment, will invest $500 million in equity and provide another $700 million in debt through J.P. Morgan Chase & Co towards the new venture, which will produce about six films a year. The deal gives DreamWorks SKG the financial support they need to leave Viacom Inc’s Paramount Pictures and start a new venture, it said. Production houses including Nicolas Cage’s Saturn Productions, Jim Carrey’s JC Entertainment, George Clooney’s Smokehouse Productions, Chris Columbus’ 1492 Pictures, Tom Hanks’ Playtone Production, Brad Pitt’s Plan B Entertainment and Jay Roach’s Everyman Pictures were reportedly under consideration by Reliance Big Entertainment for funding. The joint venture between Reliance Big Entertainment and DreamWorks Movie Studios will reportedly make movies starring celebrities such as Angelina Jolie, Julia Roberts, Brad Pitt and Nicolas Cage. The joint venture will decide on the distribution details later. Reliance Entertainment, which spearheads Anil Ambani group’s entertainment and media business, began its foray into the entertainment industry by acquiring Adlabs in 2005. Reliance Big Entertainment to sponsor Mumbai film fest Reliance ties up with Hollywood production cos More Stories on : Cinema | Mergers & Acquisitions | Overseas Investments
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