$325M Raised for DreamWorks’ Independent Re-Launch

Phase one of Steven Spielberg’s fundraising effort to re-launch DreamWorks as an independent initiative has closed — $325 million has been secured for the studio to move forward. Spielberg broke away from Viacom’s Paramount Pictures in September 2008.

JP Morgan arranged the loan, which also includes a match with an equity stake from Anil Ambani’s Reliance Big Entertainment. Walt Disney Studios will also extend a loan, beginning from a distribution agreement that was secured in February. Disney will handle all marketing and distribution for DreamWorks.

“This will allow us to move ahead quickly into production with our first group of films,” says Stacey Snider and Spielberg in a joint statement. “We wish to thank Anil personally for his foresight and fortitude over the past months. We congratulate JP Morgan for their leadership in attracting this funding during today’s most challenging financial environment. Our thanks also to our distribution partner Disney who we look forward to working with in getting our movies out to the global audience.”
Amitabh Jhunjhunwala, vice chairman of Reliance Capital, and Alan J. Levine of JP Morgan, on behalf of Reliance, will join Snider and Spielberg on DreamWorks’ board of directors.

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