Wednesday, August 19, 2009

Steven Spielberg's Bollywood-Hollywood Deal Finalized

Anne Lu - Celebrity News Service News WriterRead more:

Los Angeles, CA (CNS) - Steven Spielberg has finalized the $825 million funding deal of the Bollywood-Hollywood pact he signed with India's Reliance on Monday.

Reliance Anil Dhirubhai Ambani Group chairman, Anil Dhirubhai, funded $325 million in equity for the new DreamWorks Studios operated by principal partners Spielberg and Stacey Snider following more than a year of financial alliance.

The studios will make up to 21 movies over the next four years.

DreamWorks will keep the creative control over productions, while Walt Disney Company will handle distribution and marketing for the films internationally, except in India, where Reliance will remain the distributor.

The new deal was welcomed by acclaimed Indo-American statesman Rajan Zed, who said that the pact signaled India's emergence as a rising force in Hollywood. He added that although Hollywood has the creative control in the productions of films in the deal, it would still showcase and stretch India's global presence.

He argued that Indo-Americans would also like to see more Bollywood-Hollywood agreements, wherein Bollywood would have creative control over the films.

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