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Spielberg Signs Movie Deal With India's Reliance

I wrote about this as it developed, and now, as expected the deal has been finalized, and Spielberg is officially a free man, hoping to replicate some of the success he enjoyed after creating DreamWorks with Katzenberg and Geffen.

Here are the details from Business Week Magazine:

Hollywood's Spielberg Express is officially leaving the station. The superstar director has signed a $1.2 billion deal with India's largest entertainment company, Mumbai-based Reliance ADA Group, to launch his own filmmaking company by the end of the year, sources confirm. The deal allows Spielberg to end a contentious three-year relationship with Viacom's (VIA) Paramount studio, which in late 2005 acquired the DreamWorks live-action studio for $1.2 billion.

Spielberg's new production unit is expected to produce about six films a year, with the first at least a year away. Under their arrangement, first reported by BusinessWeek in early September (, 9/1/09), Reliance will invest $500 million in equity for a 50% stake and has helped arrange another $700 million in debt through its longtime bankers, JPMorgan Chase (JPM).

The rest here: CHA-CHING!


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