Mumbai, India, September 20, 2008 -- The Reliance Anil Dhirubhai Ambani Group has reached an agreement with Steven Spielberg and Stacey Snider to jointly form a new motion picture studio based in Hollywood, Los Angeles, USA.
The US$ 1.5 billion deal will be funded through a combination of equity capital and debt financing from the international capital markets.
Steven and Stacey will provide the leadership in operating the joint venture company, and will work closely in partnership with Reliance to create a powerful new film business, aimed at global audiences.
Reliance ADA Chairman Anil Ambani said, "I am personally delighted to be in business with two of the strongest and best known executives in Hollywood. Steven is a creative genius responsible for an incredible list of critically acclaimed and commercially successful films and Stacey has a proven expertise in the difficult business of running a fiscally responsible studio while maintaining talent relationships at the highest level."
"This strategic partnership between Reliance, and Steven and Stacey will be a cornerstone of our 'Hollywood' strategy as we continue to build film production, distribution and exhibition interests that reach across the globe," he added.
"Stacey and I are so excited about this venture with India's Reliance which opens a new door to the future of DreamWorks Studios," said Steven Spielberg. "Reliance Chairman Anil Ambani's visionary step has given us a new set of dreams to work toward. I thank them for their faith in us and their faith in the movies, and am looking forward to working closely with them in the future."
"In their respective fields, Reliance and Steven Spielberg represent the highest levels of excellence," said Stacey Snider. "Bringing them together - combining the global reach of Reliance with Steven's creative vision - is a once-in-a-lifetime opportunity for all of us. I'm grateful to David Geffen, whose business genius and loyalty helped make this deal happen."
The Reliance Anil Dhirubhai Ambani Group is one of India's top 3 private businesses with a market capitalization of over US$ 50 billion. Its net worth is in excess of US$ 14 billion, with cash flows of nearly US$ 3 billion, and a net profit of US$ 2 billion. The Group owns highly successful companies with leadership positions in the fields of telecommunications, financial and insurance services, generation, transmission and distribution of power, infrastructure and media and entertainment. Across its different companies, the Group has India's largest customer base of over 150 million, and it has one of the world's largest shareholder families of over 12 million. Reliance ADA Group is headed by Chairman Anil Dhirubhai Ambani, aged 49.
Reliance BIG Entertainment and its affiliates represent the largest integrated media and entertainment eco-system in India. Key initiatives include: Movies (Hollywood and Indian), Animation, Music, Home Video/DVD, Multiplexes across, India, the US, and Asia, Broadcasting, Sports, Gaming, Internet and mobile portals, with direct opportunities in delivery across all emerging digital distribution platforms: digital cinema, IPTV, DTH and Mobile TV.
Reliance BIG Pictures, a division of Reliance BIG Entertainment, is the most prolific producer of Indian films in all major languages, with a slate of nearly 100 films to be completed in the next 3 years. In May 2008, Reliance BIG Pictures announced separate development deals with Nicolas Cage's Saturn Productions, Jim Carrey's JC 23 Entertainment, George Clooney's Smokehouse Productions, Chris Columbus' 1492 Pictures, Tom Hanks' Playtone Productions, Brad Pitt's Plan B Entertainment, and Jay Roach's Everyman Pictures. More development deals are planned.
No obstante la situación no es fácil para el estudio del Principito, financieramente no están muy bien pese a la inyección de Reliance y uno de los factores por los que se rompió el acuerdo con Universal fue que dentro del acuero pedían dinero para sus próximas producciones, aro por el que no paso el estudio.
