Bolly goes Holly

18 June 2008 By Robert Cyran Follow @rob_cyran

Providing the subcontinent with power, financial services and telecoms hasn t satisfied India s $40bn man, who s adding Africa to the mix. Now, he may bankroll Steven Spielberg s movies. He looks spread thin.

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Reliance ADA is close to a deal with DreamWorks SKG principals Steven Spielberg and David Geffen according to the Wall Street Journal. The Indian firm, controlled by multibillionaire Anil Ambani, would provide up to $600m in equity for Spielberg's group to exit Viacom's Paramount Pictures division.

DreamWorks was sold to Viacom in 2006 for $1.6bn. Spielberg and Geffen, two of the three founders of DreamWorks, have contracts that expire this year. Viacom will retain the rights to movies made by DreamWorks during this period, as well as shared rights to film franchises such as Transformers.

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