News

Steven Spielberg Secures Funding

Director Steven Spielberg has secured at least $500 million in financing from Mumbai-based Reliance Big Entertainment. The director has also secured another $500 million in bank loans from JP Morgan Securities, totaling $1 billion, to assist him as he recreates DreamWorks as a private company. DreamWorks is severing its ties with its parent company, Paramount, and making a go of it on its own.

In a surprise move, Paramount also allowed DreamWorks employees to leave. DreamWorks top brass had contracts outfitted with exit clauses but needed express permission in order to bring other staff along with them. This move ensured for a smooth transition for Spielberg's new venture. However, industry insiders predict that exit terms between the two companies could become a bit sticky, with issues such as who will distribute films produced by the "new" DreamWorks and the status of "in development" projects.

—The ARTISTdirect Staff
09.22.08