Spielberg released from Dreamworks

Paramount officially released Steven Spielberg and other DreamWorks executives from their contracts on Friday even as reports circulated that the studio had offered to finance Spielberg’s Tintin, a movie that Universal had deemed too costly to produce and distribute. Commented Daily Variety: “The move served as a reminder to the departing Spielberg that the new DreamWorks will still be dependent on studio largesse when it comes to financing big-budget tentpoles.” On Friday DreamWorks also announced that it had finalized a deal reportedly worth $500 million with India’s Reliance in order to restart as an independent studio again. (According to reports, it will continue to be called DreamWorks.) It reportedly plans to borrow an additional $700 million.

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