More Hollywood-Bollywood

A new company formed by Ambani and Spielberg will get into the filmmaking business and produce about half-a-dozen films every year. That is after DreamWorks SKG end their existing agreement with Paramount Pictures.

Anil Dhirubhai Ambani Group (ADA Group) announced at Cannes Film Festival several projects including movie ventures with Hollywood stars like Tom Hanks, Brad Pitt, Jim Carrey and George Clooney. Then on Sunday, Ambani’s Reliance Big Entertainment announced development deals with eight big guns of the US glamour industry in return for the Indian rights of their films.

Apart from announcing funding for their production houses, Ambani’s company also said it was looking at co-financing film celebrities like Angelina Jolie, Julia Roberts and Nicholas Cage. It is expected to invest about $1 billion in its foray into Hollywood.

One of Ambani’s companies is already in the theatre space in the US, buying movie halls all over the country.

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