TF Stay with Paramount If Speilberg Leaves

If (more like when) Steven Spielberg leaves Viacom, Inc's Paramount Pictures, all of the projects he has a hand in that are currently underway at Paramount will stay with the studio, reports Bloomberg.

Administratus Prime 12/08/2008

Mr. Spielberg and company are currently in talks with Mumbai entertainment company Reliance ADA to form a joint venture that will allow Mr. Spielberg's company DreamWorks, SKG to split off from Paramount Pictures.

A source with knowledge of the talks said a deal may be reached as early as next week and Mr. Spielberg will receive $550 million in funding and borrow an additional $400 million with no outside equity.

While the funding and equity is close to the previous reports of $1 billion, it contrasts with the news that the studio would look for another $1 billion to finance new projects.

If a deal is signed, Mr. Spielberg and partners David Geffen and Jeffrey Katzenberg will be able to leave as early as November.

Source: Tformers

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