DreamWorks in Movie Venture Talks with India’s Reliance

LOS ANGELES, June 18:
DreamWorks SKG is in early negotiations for a joint venture with a division of
India’s Reliance ADA Group as Steven Spielberg and David Geffen look to exit their alliance with
Paramount Pictures, according to published reports.

The proposed venture with
Reliance Entertainment would allow Spielberg and Geffen to finance their exit
from Viacom-owned Paramount Pictures, which acquired DreamWorks in 2006.
Spielberg’s and Geffen’s contracts expire this year.

Reliance Entertainment is
said to be ready to shell out some $500 million to $600 million for a large
stake in the new movie venture. The division of the Indian conglomerate is
making a big push into the international media market, operating across movies,
music, sports, gaming and new-media content. It owns Adlabs, an Indian
theatrical venture, and recently announced deals to finance Hollywood features
by the likes of George Clooney and Tom Hanks. Billionaire financier George
Soros recently acquired a 3-percent stake in Reliance Entertainment, which is
said to also be eyeing the competitive channels space in India.

—By Mansha Daswani