Spielberg, Snider plot exit from Paramount

India’s Reliance ADA Group is in advanced talks to invest more than $500 million in a new venture with DreamWorks Pictures’ principals Steven Spielberg and David Geffen. Move would help facilitate DreamWorks’ exit from Paramount Pictures at the end of the year.
Contacted by Variety on Tuesday, Spielberg offered no comment, but did not deny the rumors that had been circulating in recent days. Rajesh Sawhney, prexy of Reliance Entertainment unit, did not immediately return Variety’s calls.

Wednesday editions of the Wall Street Journal said that Reliance would make an equity investment of $500 million-$600 million and that the new DreamWorks venture would seek an additional $500 million of debt finance.

With David Geffen wanting to slash his involvement in the movie biz, Stacey Snider, the former Universal Pictures topper and current chief executive of DreamWorks, is expected to make the transition with Spielberg.

- from Variety