India’s Reliance: Still a DreamWorks Backer, But Hollywood Sojourn Has Cost a Fortune

India’s Reliance: Still a DreamWorks Backer, But Hollywood Sojourn Has Cost a Fortune
The Cannes Film Festival has always provided the perfect stage to make propitious announcements given the insatiable appetite of the world press that gathers in the South of France each year for the celebrated event. But even Cannes veterans were surprised in May 2008 when giant Reliance Entertainment of India trumpeted that it would make a significant investment in the entertainment industry, and that Hollywood would be a key beneficiary.

Flanked by a phalanx of publicists and powerful agents from CAA, Reliance toppers announced that the company would give George Clooney, Tom Hanks, Brad Pitt and Julia Roberts, among other high-profile talent, substantial development money to initiate projects at their respective production houses. Within weeks, Reliance disclosed it would make an even bigger bet — investing hundreds of millions of dollars to own a 50% stake in Steven Spielberg’s relaunched movie outfit DreamWorks. At this year’s Cannes, Reliance is making no such pronouncements.
See full article at Variety - Film News »

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