Spielberg to leave Paramount to form new venture (w/Indian Co.)

[OhioChick]

6 Oct 2008, 0352 hrs IST,AFP

LOS ANGELES: Hollywood directing legend Steven Spielberg is leaving his longtime partner Paramount Pictures to form a new Hollywood-based film ventur
e worth 1.5 billion dollars with India's Reliance ADA Group, Paramount announced on Sunday.

Spielberg, director of such legendary works as "Jaws," "Raiders of the Lost Ark, "ET the Extraterrestial" and the "Indiana Jones" franchise, will hold a CEO position in the new venture alongside current Dreamworks' CEO and co-chairman Stacey Snider.

The deal was finalized by David Geffen, co-founder with Spielberg of the Dreamworks film studio, and Reliance CEO Anil Ambani, ranked the world's sixth-richest man in 2008 by Forbes Magazine.

Geffen will not be joining the new company, but the majority of existing Dreamworks staff is expected to be offered positions at the new company, according to a statement from Paramount.

The JPMorgan Chase bank will provide up to 700 million dollars to finance the deal, with Reliance providing an additional 550 million dollars, reported The Times of India.

Paramount will have the option to co-finance and co-distribute feature films made by the new venture, said Paramount.

Also, Spielberg will continue to produce the "Transformers" franchise for Paramount, and will collaborate on three other Paramount movies, including the science-fiction remake "When Worlds Collide."

http://timesofindia.indiatimes.com/Spielberg_to_leave_Paramount_to_form_new_venture/articleshow/3564084.cms

[soulcore]

1. It's such a good thing that JP-Morgan Chase has the liquidity....

..to loan out money and credit to us middle class American's and small businesses.

:sarcasm:

[JI7]

2. not sure if this is a good idea

a lot of people in india are starting riots and attacking Reliance owned businesses for their business practice that is putting small farmers and other small business people out of work.

[Azlady]

3. You have got to be kidding me!

I am disgusted with Spielberg, GRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR I will have a difficult time watching any of his films in the future. Not that I can afford to go to a damn movie theatre anymore! More lost jobs!