Universal Pictures to distribute DreamWorks films

In a move that brings Steven Spielberg closer to reestablishing his independence, Universal Pictures will distribute the movies produced by the filmmaker’s new DreamWorks studio. However, Spielberg and partner Stacey Snider’s ambitious plans to fund their venture have been slowed by the global credit crisis. The new DreamWorks is seeking to raise about $1.2 billion in equity and debt to operate the company and fund movie production. India’s Reliance ADA Group has agreed to invest $500 million to $550 million for a 50% equity stake. But the venture still needs to raise the lion’s share of financing — some $700 million to $750 million — in debt. For the full story visit www.latimes.com/business/la-fi-dreamworks14-2008oct14,0,4451902.story