DreamWorks/Reliance deal finalized

Indian businessman Anil Ambani, CEO of the huge Reliance Anil Dhirubhai Ambani Group, and the sixth richest man in the world, recently flew to Los Angeles to finalize the deal between his company and Steven Spielberg’s DreamWorks, investing more than five hundred million dollars in the American company, thus enabling it to gain its independence and become a full-fledged movie studio.

JPMorgan Chase will provide up to $700 million in financing for the deal, with Reliance providing an additional $550 million, according to The Times of India.

Current DreamWorks CEO Stacey Snider will continue his duties for the new studio which will start operations in January and is expected to continue being called DreamWorks. The deal comes after Spielberg & co decided to end their unhappy partnership with Paramount Pictures at the end of their contracts.

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