DreamWorks Finishes Reliance Deal

DreamWorks SKG has finished up final details on their deal with Mumbai-based Reliance ADA Group to set up a new $1.2 billion film company says The Wall Street Journal.

Reliance will invest $500 million equity and provide another $700 million in debt through J.P. Morgan Chase & Co. with the venture producing around six films a year.

Paramount has released the DreamWorks principals and employees from their contracts with Spielberg, David Geffen and Stacey Snider expected to tender their resignations to Paramount shortly.

Both Spielberg and Snider are expected to continue to work with Paramount on a number of movies.