Monday, September 15, 2025
spot_img

Reliance Ent to give 200mn to Spielberg

Date:

Share post:

spot_imgspot_img

New York: Reliance Entertainment, a unit of the Anil Ambani-led ADA Group, is expected to give USD 200 million to Hollywood director Steven Spielberg’s DreamWorks Studios, a deal which will extend a new financial lease of life to the struggling California-based film company.

Reliance Entertainment has “agreed in principle” to continue financing the film studio Spielberg founded. Under the arrangement, DreamWorks would make fewer movies in a year, down to about three from the six it had originally intended, reported the New York Times. The report said DreamWorks executives and representatives had been seeking since earlier this year to augment an initial round of financing under which Reliance contributed USD 325 million in equity, while banks led by J P Morgan Securities provided a matching amount in loans.

Amid financial woes, mainly due to poor performance by some of its movies, operations at DreamWorks have slowed down. The financial assistance by Reliance will help the studio pick up pace in moviemaking, helping it continue to make studio-level pictures.

While Reliance has firmly committed to the new funding, J P Morgan and other lenders remain in place and may eventually be asked to extend or revise their own arrangements, the report quoted people briefed on the deal as saying.

Hollywood has been going through a rough patch in the past year or so. Moviegoing hit a 16-year low last year and DVD sales continue to remain unimpressive. While Academy award nominee The Help was a hit, movies like Fright Night, Real Steel and Spielberg’s own War Horse either lost money or did not make much. (PTI)

spot_imgspot_img

Related articles

Gaurav Gogoi-Pakistan links: SIT probing 38 individuals, says Assam CM

Guwahati, Sep 15: Assam Chief Minister Himanta Biswa Sarma, on Monday, intensified his criticism of Congress MP Gaurav...

US Chief Negotiator arriving in New Delhi to resume trade talks, govt set to finalise Export Promotion Mission

New Delhi, Sep 15: Amid the thaw in India-US relations, American Chief Negotiator Brendan Lynch is set to...

India, EU to hold 14th round of free trade agreement talks in Brussels from Oct 6-10

New Delhi, Sep 15: India and the European Union will hold the 14th round of negotiations for a...

Body of missing 4-yr-old girl recovered

Shillong, Sept 15: The body of a four-year-old girl, Insaphira Lyngdoh Mawna of Nongrah Nonglum, was recovered on...