and Reliance Big Entertainment have locked the first phase of financing, sealing
an amount of $825 million that would allow the joint venture to make six films
final piece was the $325 million tied up by JP Morgan in a syndicated financing
arrangement with a clutch of banks that include Bank of America, City National
Bank, Union Bank of California and Israel Discount Bank.
Entertainment is putting in a matching amount as equity financing while distribution
partner Walt Disney Studios has committed $175 million. The funding will allow
DreamWorks Steven Spielberg to start shooting his first film project this
had struck a joint venture arrangement with Reliance Big Entertainment after exiting
from Paramount. The global economic downturn had delayed Spielbergs efforts
to find financial partners to back up his slate of film projects.
ADAG chairman Anil Ambani aims to build a film empire that has interests across
the globe. The partnership with DreamWorks is crucial to his Hollywood strategy.
The first film scheduled for release is 2010.