DreamWorks set to receive $825m initial financing

The figure emerged from a meeting between DreamWorks chiefs Steven Spielberg and Stacey Snider and Reliance ADA Group chairman Anil Ambani in New York yesterday.

Upon first closing, which Reliance says is “expected shortly”, the studio should receive $325m from a syndication of banks, matched by a further $325m equity from Reliance and $175m from Disney which came on board as distribution partner in February.

The figure could increase if DreamWorks raises more from the banks – Reliance has agreed to match the debt component up to $550m.

When the financing is in place, DreamWorks aims to make five to six films a year, with the first productions to start this year for release in 2010. The studio has been developing fresh projects and also bought back some of its old slate following its separation from Paramount earlier this year.

The development slate includes:

39 Clues – Epic family adventure based on the book series from Scholastic.

Cowboys And Aliens – action movie co-financed with Universal Studios.

Dinner For Schmucks – based on the French film The Dinner Game and to be directed by Jay Roach, the film will be financed via a three-way partnership between Paramount, DreamWorks and Spyglass, with Paramount taking the lead.

Motorcade – action movie to be directed by Len Wiseman about a disgraced agent who happens to be in the wrong place at the right time when the President is kidnapped.

Hereafter – supernatural drama written by Peter Morgan and produced by Kathleen Kennedy and Malpaso Productions.