Anil Ambani-promoted Reliance Big Entertainment (RBE) has finally signed its much-hyped 50:50 joint venture with Hollywood’s iconic director Steven Spielberg’s Los Angeles-based production house DreamWorks Studios to produce six films per year. This is the most high-profile deals in global cinema.
Anil Ambani and Spielberg said the movies (produced by DreamWorks) would be globally distributed by Walt Disney, while the exclusive rights for India, including DTH, DVD and theatre rights, would rest with Reliance Big Entertainment.
Spielberg said he was looking forward to visiting India to meet filmmakers. This venture with Reliance opens a new door to our future. Their visionary step has given us a new set of dreams to work toward.
DreamWorks Studios will get an initial funding of $825 million and the first production would start this year for release in 2010. Of the $825 million, $325 million will be equity infused by Anil Ambani as his personal investment, $150 million will come from The Walt Disney Company as a distribution advance, and the rest will be funded by JP Morgan via debt.