Update: Dreamworks splitting from Paramount?

Last week, there was this report. Today there’s an actual name behind the proposed $1.1 billion financing scheme:

“The Reliance Anil Dhirubhai Ambani Group will invest as much as $600 million in the studio, the Journal said, citing people familiar with the matter. The venture may borrow another $500 million to finance about six films a year, the Journal said. Reliance and Viacom declined to comment on the report, and spokesmen at DreamWorks weren’t available.”

To my knowledge, this would be the biggest financial commitment in Hollywood by a company based in India:

``We see Reliance Big Entertainment as a global entertainment company, and Hollywood certainly presents a bigger and wider basket of opportunities,’’ President Rajesh Sawhney said today in an e-mailed statement.”

Given India’s interest in movies and economic growth in the last decade, this move with Dreamworks and Reliance should not be that much of a surprise.

UPDATE: Here’s today’s LA Times article on the negotiations between Dreamworks and Reliance.

ANOTHER UPDATE: It’s a done deal reports Daily Variety. And here’s some analysis.