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LOS ANGELES : Director of legendary works such as "Jaws" and the "Indiana Jones" franchise Steven Spielberg has severed ties with his long-time partner Paramount Pictures, a move that would allow him to tie up with Reliance ADA Group of India to start a new film company.
Under a separation agreement announced on Sunday, the new company will be led by Spielberg and current DreamWorks CEO and co-chairman Stacy Snider.
Spielberg and Snider will take the lead in developing a number of projects now owned by Paramount, which would have an option to co-finance and co-distribute them.
The deal was finalised by David Geffen, co-founder with Spielberg of the DreamWorks film studio, and Reliance CEO Anil Ambani, ranked the world’s sixth richest man in 2008 by Forbes magazine.
Geffen does not intend to become part of the partnership but most DreamWorks employees are expected to join the new company, Paramount and DreamWorks said in a joint statement.
Spielberg, meanwhile, will continue to work as a producer on “Transformers: Revenge of the Fallen” and three additional Paramount films, including “When Worlds Collide,” a science fiction adventure.
- CNA/jk
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