Ticket to Hollywood: Anil to invest $825 million in JV with Spielberg

Mumbai: Making his Hollywood debut, Anil Ambani has announced to invest around $825 million (around Rs 4,000 crore) as a first tranche towards producing six films a year for global audiences. In one of the largest deals in global cinema in recent times, Ambani has teamed up with Hollywood icon Steven Spielberg for their LA-based DreamWorks Studios. In a conference call from New York, Ambani and Spielberg said movies produced by Dreamworks would be be distributed by Walt Disney globally, while the exclusive rights for India, "including DTH, DVD and theatre rights'', would rest with Reliance Big Entertainment. On being coaxed for a breakup, Anil Ambani said $325 million would come from his personal contribution, "$150 million would be chipped in by Disney and the rest would be with banks and institutions.'' "Clearly, the outlay of $825 million is what we are aiming at in the next three years: $325 million will be in the form of equity,'' Ambani said.
    Reacting to suggestions that an investment outlay of over $1.5 billion for Dreamworks was on the cards, Ambani said, "There is no scaling up or scaling down of investment. We will begin with $825 million and this is the largest in recent times.''
    Spielberg said he looked forward to visiting India to meet filmmakers. "This venture with Reliance opens a new door to our future,'' he said. "Their visionary step has given us a new set of dreams to work toward. I am very excited that we are back in business and are independent of any motion picture studio. Now, we feel we have the independence in our partnership with Reliance,'' Spielberg said, alluding to Dreamworks earlier separation when it was sold to Viacom's Paramount for $1.6 billion. To this, Ambani said: "We are delighted to partner with such uniquely talented individuals as Spielberg and Stacy Snider. Ever since we looked at their business plan, I never doubted that we would succeed in providing them with financial muscle required to realise their dream.'' Coming To Cinema Near You
39 Clues
An epic family adventure about two ordinary kids, whose discovery that they are part of the world's most powerful family, sets them off on a globe-trotting treasure hunt.
    Produced by Spielberg & Deborah Forte
Cowboys and Aliens
Science fiction collides with the Old West in this action movie about an outlaw, who gets caught up in an epic conflict when aliens invade the land now known as "Area 51."
    Co-financed along with Universal Studios
Dinner For Schmucks
A comedy about a young man, who gets more than he bargained for, when he makes a bet that he can find the world's biggest loser to be a guest at a dinner party.
    Directed by Jay Roach
Motorcade
A heart-pounding action movie about a disgraced Secret Service agent, who happens to be in the wrong place at the right time, when the President is kidnapped.
    Directed by Len Wiseman
Hereafter
A supernatural drama about three strangers from around the world who each face a near-death experience.
    Written by Oscar-nominated screenwriter Peter Morgan Deal to boost filmmakers' sentiments
Mumbai: ADAG chief Anil Ambani announced on Wednesday that his associate Amitabh Jhunjhunwala and Spielberg's partner for decades Stacey Snider, who has been associated with projects like Eric Brockovich, The Mummy and American Pie, would also serve on the Dreamworks board.
    The ADA groups entertainment business owns 428 cinema screens across India, the US, Malaysia and Mauritius.
    Last year, the firm had entered into pacts to develop Hollywood projects with stars like Brad Pitt, Tom Hanks, Julia Roberts, Nicolas Cage, Jim Carrey and George Clooney. The first DreamWorks motion picture to be released under the Touchstone Pictures banner is scheduled to hit theatres by 2010, and the production house said they have been actively acquiring properties and developing projects for an early release. In recessionary times, the ADAG investment will boost sentiments of filmakers.
    Film-maker Rohan Sippy said, "The last one year has been challenging for everyone, including Hollywood, no one has been able to escape the meltdown. Though I don't know much about the deal but it is fantastic some more good films will get made besides Speilberg is an icon of sorts.''
    Some of the films set to hit the floor under the Dreamworks banner include 39 Clues, based on the bestselling book series from Scholastic; Cowboys and Aliens, a science fiction film; Dinner For Schmucks, based on the French film, The
    TNN
Dinner Game.