Spielberg over the moon for Reliance
Director eyes three shingles
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Spielberg also is working to bring three production shingles currently housed at DreamWorks under its Paramount deal — Tom Pollock and Ivan Reitman’s Montecito Entertainment, Ben Stiller’s Red Hour and Walter Parkes-Laurie MacDonald’s banner — to his new studio.
The new entity may retain the DreamWorks moniker, but the mechanism by which its pics would be distributed is still being worked out.
Spielberg may yet decide to remain housed at Paramount. But should he leave, distribution of new DreamWorks films could be split, with existing projects distributed through Par and new material handled through another studio, possibly Universal.
The $1 billion commitment from Reliance, and Spielberg’s courting of the three production shingles illustrates the scale of ambition at the revamped DreamWorks. Under scenarios said to be up for consideration, production could encompass five to six pictures a year, or a more ambitious slate of eight to 10 pics. With a greater amount of capital required under the latter scenario, Reliance is understood to have sought a greater slice of the new company — though its equity ownership would still fall short of a majority.
The Wall Street Journal reported Saturday that the Reliance deal could be completed this week. That piece said Reliance would invest about $500 million equity in the new movie venture and another $500 million in debt through J.P. Morgan Chase.
