Movies

Spielberg Gets Funds for New Studio

Still only raises half of what he had hoped.

Even the biggest names in Hollywood are having trouble raising money. It took months longer than expected for Steven Spielberg's DreamWorks Studios to complete financing to make movies with Indian conglomerate Reliance. "The $325 million in debt financing that DreamWorks now has to work with is about half what Mr. Spielberg had initially hoped to raise when he announced his new partnership with Reliance a year ago," according to The Wall Street Journal. Still, the studio has $825 million total, which is enough to make up to 21 movies over the next four years. The deal with the Indian company comes as "the evaporation of Wall Street financing has opened the door to foreign investors." Meanwhile, Reliance is hoping the director's movies will appeal to younger Indian audiences who are opting for Hollywood over Bollywood.