Reliance Big Entertainment Sets Foot In Hollywood

[savramesh 37]

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Mumbai: Anil Ambani’s ADAG Group and Steven Spielberg’s Dreamworks Studios are ready with the first phase funding for their motion picture company.

The JV between these two companies have been presented in a statement that informs “JP Morgan Securities arranged the syndication of about $325 million of senior debt, which has priority in repayment over other kinds of debt.’’

Anil Ambani and Reliance Big Entertainment will have to give equity commitment to match the debt. Similarly, Walt Disney would be involved in the distribution and marketing and the statement further informs “The Walt Disney Studios, who will handle marketing and distribution for the studio, will also extend a loan to DreamWorks as part of the distribution deal”.

Initially, ADAG and Dreamworks had started the JV with $825 million from Reliance Big Entertainment. Anil Ambani has shown much hope from this venture and says “Our partnership with Stacey and Steven is the cornerstone of our Hollywood strategy as we grow our film interests across the globe. Now Stacey and Steven can focus on producing more of the great films for which they are renowned”.

Similarly, Stacey Snider and Steven Spielberg expressed their opinion in a joint statement that says ‘‘This will allow us to move ahead quickly into production with our

first group of films”.