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.