Spielberg's DreamWorks joins Universal

October 14, 2008 9:48:29 AM PDT
A person close to the deal says Steven Spielberg's DreamWorks studio has signed on with Universal Pictures to distribute its films. Universal will distribute up to six DreamWorks movies a year domestically and overseas, except for India, said the person, who was not authorized to speak on the record and requested anonymity.

The deal has been anticipated as DreamWorks prepares to break off from Paramount, which has owned the studio since 2006. There has been ongoing friction over the costs of keeping Spielberg and his outfit there.

DreamWorks has lined up $1.5 billion through Reliance Entertainment of India to finance its future film slate.