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Indian telecommunications and entertainment giant Reliance ADA Group is close to a deal with DreamWorks SKG to form a new movie venture, The Wall Street Journal reported Wednesday.
Citing people familiar with the deal, the newspaper said the Mumbai-based Reliance ADA Group would give Dreamworks 500 million to 600 million dollars in equity.
The move "would give director Steven Spielberg the cash to finance his DreamWorks team's departure from Viacom Inc.'s Paramount Pictures later this year," the newspaper said.
The US studio, founded by movie moguls Spielberg and David Geffen, has been looking to secure enough financing to regain its independence from Viacom's Paramount Pictures by the end of the year.
If realized, the deal would give Reliance a "large stake" in a new, independent DreamWorks, the Journal reported.
After a break from Viacom, DreamWorks SKG would keep its name, but would have to give up its rights to films produced in the short period the two companies were united.
In addition to any cash injection from Reliance, DreamWorks will need to raise an additional 500 million dollars to put forth a slate of six films a year, the Journal said.
DreamWorks makes both live action films, such as "Saving Private Ryan," and animated movies, including "Shrek" and the current hit, "Kung-Fu Panda."
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