It’s a wrap: ADAG, Spielberg deal done

Anil Ambani group’s Reliance Entertainment and DreamWorks SKG of acclaimed director Steven Spielberg have completed the much-talked about deal for jointly making Hollywood films.

Sources in the know said the deal was completed last evening but did not give details of the agreement that would mark the entry of Reliance Entertainment in Hollywood, a preliminary announcement for which was made at Cannes earlier.

Reliance officials did not comment on the development immediately. Meanwhile, AP quoted Wall Street Journal saying that Reliance will invest $500 million and provide another $700 million in debt through JPMorgan Chase & Co for production of about half a dozen films. The JV between Big Entertainment and Dreamworks Movie Studios will make movies with celebrities including Angelina Jolie.