ANIL AMBANI, STEVEN SPIELBERG AND STACEY SNIDER MEET IN NEW YORK
$825 MILLION INITIAL FUNDING FOR DREAMWORKS STUDIOS
DREAMWORKS TO MAKE 5-6 FILMS EVERY YEAR FOR GLOBAL AUDIENCES
FIRST PRODUCTIONS TO COMMENCE THIS YEAR FOR RELEASE IN 2010
DISNEY TO HANDLE GLOBAL MARKETING AND DISTRIBUTION
RELIANCE TO RETAIN DISTRIBUTION RIGHTS FOR INDIA
New York, NY - July 15, 2009: Anil Dhirubhai Ambani, Chairman of Reliance Group, met with DreamWorks Studios partners Steven Spielberg and Stacey Snider while in New York today.
The new motion picture company formed between Reliance Big Entertainment and DreamWorks has been functioning since November 2008 from DreamWorks’ long time offices in Los Angeles, California.
Upon the first closing expected shortly, there will be an initial $825 million available for film production. This initial phase of funding will include an equity investment from Reliance Group, debt financing from a syndication of banks, as well as funding from Disney.
With this financing, DreamWorks will eventually make 5-6 films per year. Earlier this year DreamWorks signed a distribution deal with The Walt Disney Company, who will handle marketing and distribution of the studio’s films around the world, except for India where Reliance Big Entertainment will retain distribution rights.
DreamWorks anticipates starting its first film for the new studio later this year. They have been actively acquiring properties and developing projects for release in 2010.
In addition, DreamWorks acquired numerous attractive projects from Paramount on the separation from that studio earlier this year. An announcement of the initial films to go before the cameras will be made at a later date.
"This venture with Reliance opens a new door to our future," said Steven Spielberg. "Their visionary step has given us a new set of dreams to work toward. Stacey and I thank them for their faith in us and their faith in the movie business."
“All of us at DreamWorks Studios join with our Reliance partners in anticipating the financial closing,” said Stacey Snider. “We also welcome the opportunity and freedom they have given us to make the films we want to make. We always want to aim for appeal and quality whether it be for a highly commercial concept or an artistic achievement.”
Anil Ambani responded, “We are delighted to partner with such uniquely talented individuals as Steven Spielberg and Stacey Snider. Ever since we looked at their business plan, I have never doubted that we would succeed in providing them with the financial muscle required to realize their dreams.”
About Reliance Group
The Reliance Group currently has a market capitalization of over Rs.1,80,000 crore (US$ 38 billion) , net worth in excess of Rs. 64,000 crore (US$ 13 billion), cash flows of Rs. 13,000 crore (US$ 3 billion) and net profit of Rs. 8,300 crore (US$ 2 billion).
Reliance Group has interests in varied sectors ranging from communications (Reliance Communications), financial services (Reliance Capital Ltd), power generation, transmission and distribution (Reliance Energy), natural resources (Reliance Natural Resources), infrastructure, media & entertainment and health care.
Across different companies, the group has a customer base of over 100 million, the largest in India, and a shareholder base of over 12 million, the largest in the world.
The Reliance Group has a business presence that extends to over 20,000 towns and 450,000 villages in India, and 5 continents across the world.
Reliance Big Entertainment
Reliance Big Entertainment Ltd. (RBEL) (www.rbe.co.in ) is the flagship media and entertainment arm of Indian conglomerate, Reliance Group, (www.relianceada.com) with significant presence in film entertainment (film production, distribution, and exhibition), broadcasting and new media ventures.
With investments over USD 1 billion already (prior to the DreamWorks deal) in its Filmed Entertainment business RBEL's motion picture brand BIG Pictures has built a formidable film production slate in Hindi, English & other Indian languages, which it markets & distributes worldwide.
In Hollywood, BIG Pictures has development silos with Nicolas Cage's Saturn Productions, Jim Carrey's JC 23 Entertainment, George Clooney's Smokehouse Productions, Chris Columbus' 1492 Pictures, Tom Hank's Playtone Productions, Brad Pitt's Plan B Entertainment, Jay Roach's Everyman Pictures Brett Ratner's Rat Entertainment and Julia Roberts' Red Om Films.
About DreamWorks Studios
DreamWorks Studios is a new motion picture company led by Steven Spielberg and Stacey Snider in partnership with The Reliance Group. The new company is a continuation of DreamWorks Studios which was formed in 1994 by Steven Spielberg, Jeffrey Katzenberg, and David Geffen. The company won three consecutive Best Picture Academy Awards with "American Beauty," "Gladiator," and "A Beautiful Mind" (both co-produced with Universal). Among the company's other successes have been such films as "Saving Private Ryan" (co-produced with Paramount), "The Ring," "Minority Report" (co-produced with 20th Century Fox), "War of the Worlds," "Dreamgirls," and "Transformers" (all co-produced with Paramount).
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