Webinfosys's Local News : Spielberg, Anil Ambani group near deal

NEW YORK: Movie studio DreamWorks SKG is close to a deal with Anil Dhirubhai Ambani Group to form a new movie venture, the Wall Street Journal reported on Tuesday, citing people familiar with the talks.

The Journal said a deal with Reliance would give movie director Steven Spielberg the cash to finance his DreamWorks team's departure from Viacom Inc's Paramount Pictures later this year.

Reliance would provide Spielberg and company with $500-$600 million in equity.

The Journal reported that the ADAG and the DreamWorks founders will form a new movie company, which will make about half-a-dozen films every year.

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