Page last updated at 06:40 GMT, Monday, 6 October 2008 07:40 UK

Dreamworks joins India's Reliance

By Rajesh Merchandani
BBC News, Los Angeles

Steven Speilberg (file image)
Mr Spielberg will be one of the chief executives of the new studio

The film studio Dreamworks, co-founded by Steven Spielberg, has agreed a joint venture with one of India's biggest entertainment conglomerates.

Reliance ADA Group, run by Anil Ambani - the sixth richest man in the world - is already a big player in Bollywood, India's film business.

Now the new studio will make movies in the US, putting large amounts of Indian money into America's film industry.

The deal was first reported last month but has only just been confirmed.

It is a story of Hollywood meets Bollywood in a $1.5bn (0.85bn) deal.

This is a happy ending to a tale that could have turned nasty.

Dreamworks was bought by movie giant Paramount Pictures in 2006. Under that arrangement, hit films like Transformers were made.

But the two sides have been looking to separate for some time and it was thought negotiations would be difficult and protracted.

Now, a deal has been struck quickly.

At the centre is superstar director Mr Spielberg himself, who as a producer and director, has overseen some of the biggest box office hits including ET, Schindler's List and Jaws.

He will become one of the chief executives of the new studio.

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