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This is an archive article published on June 18, 2008

Speilberg joining hands with Reliance?

Speilberg is close to a deal with Reliance ADA Group to form a new venture.

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Movie studio DreamWorks SKG is close to a deal with Reliance ADA Group to form a new movie venture, the Wall Street Journal reported on Tuesday, citing people familiar with the talks.

The Journal said a deal with Reliance would give movie director Steven Spielberg the cash to finance his DreamWorks team’s departure from Viacom Inc’s Paramount Pictures later this year.

Reliance would provide Spielberg and company with $500-$600 million in equity and would also give Reliance a large stake in the new company.

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