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Dreamworks joins India's Reliance | Dreamworks joins India's Reliance |
(about 8 hours later) | |
The film studio Dreamworks, co-founded by Steven Spielberg, has agreed a joint venture with one of India's biggest entertainment conglomerates. | The film studio Dreamworks, co-founded by Steven Spielberg, has agreed a joint venture with one of India's biggest entertainment conglomerates. |
Reliance ADA Group, run by Anil Ambani - the sixth richest man in the world - is already a big player in Bollywood, India's film business. | Reliance ADA Group, run by Anil Ambani - the sixth richest man in the world - is already a big player in Bollywood, India's film business. |
Now the new studio will make movies in the US, putting large amounts of Indian money into America's film industry. | Now the new studio will make movies in the US, putting large amounts of Indian money into America's film industry. |
The deal was first reported last month but has only just been confirmed. | |
It is a story of Hollywood meets Bollywood in a $1.5bn (£0.85bn) deal. | It is a story of Hollywood meets Bollywood in a $1.5bn (£0.85bn) deal. |
This is a happy ending to a tale that could have turned nasty. | This is a happy ending to a tale that could have turned nasty. |
Dreamworks was bought by movie giant Paramount Pictures in 2006. Under that arrangement, hit films like Transformers were made. | Dreamworks was bought by movie giant Paramount Pictures in 2006. Under that arrangement, hit films like Transformers were made. |
But the two sides have been looking to separate for some time and it was thought negotiations would be difficult and protracted. | But the two sides have been looking to separate for some time and it was thought negotiations would be difficult and protracted. |
Now, a deal has been struck quickly. | Now, a deal has been struck quickly. |
At the centre is superstar director Mr Spielberg himself, who as a producer and director, has overseen some of the biggest box office hits including ET, Schindler's List and Jaws. | At the centre is superstar director Mr Spielberg himself, who as a producer and director, has overseen some of the biggest box office hits including ET, Schindler's List and Jaws. |
He will become one of the chief executives of the new studio. | He will become one of the chief executives of the new studio. |
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