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November 22, 2008 11:28:01 AM CST

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DreamWorks Near Bollywood Alliance

Posted Jun 18, 08 10:09 AM CDT in Arts & Living,  Business 

(Newser) – Steven Spielberg's DreamWorks venture is closing in on a deal with an Indian media conglomerate that could fund a break from Paramount Pictures, the Wall Street Journal reports. Mumbai-based Reliance, a conglomerate with stakes in telecom, finance, and entertainment looking to expand into Hollywood, could bring as much as $600 million. The Spielberg team's relations with Paramount have grown chilly recently.

A flashpoint in the feud came when the head of Paramount parent Viacom said in September that a DreamWorks departure would be "completely immaterial" to Viacom—further angering Spielberg and partner David Geffen, already bridling over sleights from above. Reliance, meanwhile, plans a $1 billion outlay in Hollywood over the next 18 months, signing production deals with George Clooney, Brad Pitt, and others.

Source Wall Street Journal

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'Transformers' was a big hit for DreamWorks and Paramount but box-office duds like 'The Island' helpd sour the relationship between the two.   (AP Photo/DreamWorks)
In this May 18, 2008 file photo, director Steven Spielberg is seen at the "Indiana Jones and the Kingdom of the Crystal Skull" press conference during the 61st International film festival in Cannes.   (AP Photo/Francois Mori, file)
Movie and music mogul David Geffen,seen here in a file photo taken Dec. 4, 2006, in New York, has made it clear he wants the DreamWorks team to move on from Paramount.   (AP Photo)
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Steven Spielberg • Viacom • DreamWorks • Paramount • Bollywood • David Geffen • Jeffrey Katzenberg


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