LOS ANGELES - The turmoil in the financial markets has again swept up Hollywood hit-maker Steven Spielberg.
With a charity he supported already stung in the alleged Ponzi scheme run by money manager Bernard Madoff, the director of the "Indiana Jones" movies is being forced to dig into his bank account to fund moviemaking because of delayed financing.
On Thursday, Spielberg had to pay Viacom Inc.'s Paramount Pictures $13.3 million, or half a $26.5 million price tag, to buy the rights to 17 movie projects that were in development while his DreamWorks SKG studio was at Paramount, according to a DreamWorks person familiar with the company's finances.
The person was not authorized to speak publicly about the matter and spoke on condition of anonymity.
Funding delays have meant Spielberg has also had to cover half the costs of DreamWorks' approximately 60 employees since the production company broke off from Paramount in October, the person said.
DreamWorks is teaming up with Reliance Big Entertainment of India to finance its future film slate. Reliance is covering the other half of the unit's ongoing costs.
In a statement, DreamWorks and Reliance said the projects they purchased, with titles including "Dinner for Schmucks" and "Atlantic Rising," "will lay the foundation for the new company to continue to produce the quality films that DreamWorks is known for."
Reliance has agreed to match up to $550 million in loans raised by JPMorgan Chase & Co. to make movies over a seven-year term, with the bank planning to raise $700 million total, the person said. The bank is now planning to raise $325 million in a first tranche of syndicated loans by March.
Speilberg a victim
Moderator: frigidmagi
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Jason_Firewalker
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#1 Speilberg a victim
http://www.msnbc.msn.com/id/28683066/
Last edited by Jason_Firewalker on Sat Jan 17, 2009 1:59 pm, edited 1 time in total.
'Individual science fiction stories may seem as trivial as ever to the blinder critics and philosophers of today — but the core of science fiction, its essence has become crucial to our salvation, if we are to be saved at all'
-- Sir Issac Asimov
The True Resurrection would undo the chartrusing of the Gnome
-- My friend figuring out how to permanently turn a gnome chartreuse
The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents
--HP Lovecraft in Call Of Cthulhu
-- Sir Issac Asimov
The True Resurrection would undo the chartrusing of the Gnome
-- My friend figuring out how to permanently turn a gnome chartreuse
The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents
--HP Lovecraft in Call Of Cthulhu
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LadyTevar
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#2
"Smacks Firewalker upside the head" You can post a little more detail than that, you idjit. Maybe post the article as well, instead of just the link?
Dogs are Man's Best Friend
Cats are Man's Adorable Little Serial Killers
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Jason_Firewalker
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#3
Sorry...........
'Individual science fiction stories may seem as trivial as ever to the blinder critics and philosophers of today — but the core of science fiction, its essence has become crucial to our salvation, if we are to be saved at all'
-- Sir Issac Asimov
The True Resurrection would undo the chartrusing of the Gnome
-- My friend figuring out how to permanently turn a gnome chartreuse
The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents
--HP Lovecraft in Call Of Cthulhu
-- Sir Issac Asimov
The True Resurrection would undo the chartrusing of the Gnome
-- My friend figuring out how to permanently turn a gnome chartreuse
The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents
--HP Lovecraft in Call Of Cthulhu
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frigidmagi
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#4
No need for name calling Tev.
"it takes two sides to end a war but only one to start one. And those who do not have swords may still die upon them." Tolken
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The Silence and I
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#5
I agree, no need. But there is often desire 
Anyway... he has deep pockets to afford such expenses!
Anyway... he has deep pockets to afford such expenses!
Sometime monkey fall from tree.