Thaindian News

Aug 19 (IBNS) New DreamWorks studio, run by Steven Speilberg and Stacey Snider, has reportedly completed an $825 million (£497m) deal with Indian conglomerate Reliance ADA Group.

Digitalspy reported that DreamWorks had also secured the final portion of financing for its plan to shoot around six films per year. The last investment came courtesy of $325m (£196m), provided by J.P. Morgan Securities and several other banks.

Walt Disney Studios is expected to handle marketing and distribution for the new studio. They are also preparing to extend a loan for an amount that was not disclosed, although the Los Angeles Times estimates that it amounted to around $175m (£105m).

This latest investment should ensure that the workspace can launch its activity after cutting all ties with Paramount Pictures in October 2008. The new DreamWorks, which separated from its sister company DreamWorks Animation in 2004, has declared intentions to have its first release ready for 2010.

“This will allow us to move ahead quickly into production with our first group of films,” Snider and Spielberg announced in a joint statement.

“Our partnership with Stacey and Steven is the cornerstone of our Hollywood strategy as we grow our film interests across the globe,” added Reliance ADA Group chairman Anil Dhirubhai Ambani.

“Given our faith in the business plan that they presented to us and despite the current economic climate, we were always confident that this day would come,” he added.

Spielberg has already obtained the rights to shoot a remake of Harvey, a classic Hollywood film from the 1950s in which James Stewart starred alongside a giant imaginary rabbit.