DreamWorks Near Deal to Leave Paramount?

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The principals of DreamWorks SKG are close to a deal with one of India’s biggest entertainment conglomerates to form a new movie venture, according to The Wall Street Journal. 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.

Mumbai-based Reliance ADA Group would provide Spielberg and company with $500 million to $600 million in equity. The deal would give Reliance a large stake in the new company, that is expected to make about six movies a year.

The new company may be headed by DreamWorks CEO Stacey Snider, added the Journal.