DreamWorks About to Leave Paramount

Variety reports that the film company DreamWorks is at the point of endorsing a contract with a new financer from India to start up a new company.

The Reliance ADA Group, located in Mumbai, will invest $500-$600 million in the new company, and expects to produce around 6 films per year. The company would be directed by the current CEO of DreamWorks, Stacey Snider, and Steven Spielberg would still play a key role.

With many projects already on the table, DreamWorks and Paramount will surely be required to work together, but under new circumstances.  Additionally, DreamWorks Animation has agreed to stay with Paramount until 2012.  The contract could be renegotiated in 2010.

One of the big producers at DreamWorks, David Geffen, is not expected to play a major role at the new company.