The new motion picture company formed between Reliance BIG Entertainment and DreamWorks has been functioning since November 2008 from DreamWorks' long time offices in Los Angeles, California.
Upon the first closing expected shortly, there will be an initial $825 million available for film production. This initial phase of funding will include an equity investment from Reliance ADA Group, debt financing from a syndication of banks, as well as funding from Disney.
With this financing, DreamWorks will eventually make 5-6 films per year. Earlier this year DreamWorks signed a distribution deal with The Walt Disney Company, who will handle marketing and distribution of the studio's films around the world, except for India where Reliance BIG Entertainment will retain distribution rights.
DreamWorks anticipates starting its first film for the new studio later this year. They have been actively acquiring properties and developing projects for release in 2010.
In addition, DreamWorks acquired numerous attractive projects from Paramount on the separation from that studio earlier this year. An announcement of the initial films to go before the cameras will be made at a later date.
"This venture with Reliance opens a new door to our future," said Steven Spielberg. "Their visionary step has given us a new set of dreams to work toward. Stacey and I thank them for their faith in us and their faith in the movie business."
"All of us at DreamWorks Studios join with our Reliance partners in anticipating the financial closing," said Stacey Snider. "We also welcome the opportunity and freedom they have given us to make the films we want to make. We always want to aim for appeal and quality whether it be for a highly commercial concept or an artistic achievement."
Anil Ambani responded, "We are delighted to partner with such uniquely talented individuals as Steven Spielberg and Stacey Snider. Ever since we looked at their business plan, I have never doubted that we would succeed in providing them with the financial muscle required to realize their dreams."
Source: India Syndicate
