September 23, 2008

Indian Billionaire Anil Ambani to Invest in Steven Spielberg Studio

Indian billionaire Anil Ambani will invest $550m in Hollywood director Steven Spielberg’s big-budget studio. Ambani, the sixth richest man in the world according to Forbes, owns Bollywood production house, Reliance Big Entertainment. Known as India’s media mogul, Anil Ambani has earlier indicated that he is interested to invest in Hollywood.

Steven Spielberg, on the other hand, has already become a legendary figure in Hollywood, presenting some of Hollywood’s highest grossing movies of all time. With three Oscars under his belt, Steven Spielberg is known for some of the big hits of the industry including Jurassic Park, ET etc. Aside from the $550m investment of Anil Ambani, the studio will start with $750m debt.

Guardian reported:

Reliance, which is also picking up cinema chains in the US, is attempting to build a global movie company. "The venture will reflect the new reality in today's world of cinema, where box-office collections for Hollywood movies are much larger outside than in the US," a source was quoted as saying in the Indian press.

The deal is not officially announced yet, but reports have it that the work of Dream Works will begin in January with the initial aim of producing six films per year. However, it is not yet confirmed if Steven Spielberg’s next project Tintin will be produced from his own studio.