Reliance Big Entertainment signs deals valued at $1 billion to develop, co-finance Hollywood movies

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The deals, inked with Nicolas Cage's Saturn Productions, Jim Carrey's JC 23 Entertainment, George Clooney's Smokehouse Productions, Chris Columbus' 1492 Pictures, Tom Hank's Playtone Productions, Brad Pitt's Plan B Entertainment and Jay Roach's Everyman Pictures and one more production house whose name was not disclosed, include creation of a development silo for each of the production houses and the possibility of Reliance co-financing projects that emanate from these deals.

"Reliance Entertainment has a dominant position in India but, when it comes to motion pictures, it has been obvious that we need to extend our footprint to Hollywood. We are pleased to have devised this unique method of investing, whereby Reliance Big Picture can help advance the goals of several of the most important creators in the global industry," said Amit Khanna, chairman, Reliance Big Entertainment, adding the company would be a co-producer, a part producer or a distributor of the movies. "This initiative will yield up to 30 scripts in the next two years. We are confident that at least 10 of them will go into production during that period. We will be dealing directly with top talents."

"[This] is a sense of pride that India has finally arrived on the global media map," he said.

"This is an announcement of the reach and potential of India's steadily growing soft power. Reliance is paving the way and we are sure other Indian companies will also join the charge. It is time for Indian companies to step up and take on the world," said Rajesh Sawhney, president, Reliance Big Entertainment.

In some cases, Sawhney noted, the actors are attached to major Hollywood studios such as Universal and Paramount, and the right of first refusal for some of the scripts will have to be given to these studios for the purpose of distribution and release of the film. "We respect the first-look deals that each of our partners enjoys (with the Hollywood majors), and we are confident that the respective studios will welcome our development silos and our subsequent co-financing ability," he said.

"They are part of (our) long-term strategy for media investments in Hollywood...to build a fully integrated movie company with substantial holdings in production, distribution and exhibition," the company, which sees the development deals as the first major investments in Hollywood and a building block in the creation of a virtual studio or a new-generation media company, said in a statement over the weekend.

Last month, Reliance Big Entertainment made its first overseas foray in the digital service space by acquiring the digital images business of US-based DTS Inc. for an undisclosed amount. The American firm's business DTS Digital Images (DDI), also known as Lowry Digital Images, offers services in digital restoration and enhancement of moving pictures and makes use of proprietary tools and algorithms.

DDI counts Walt Disney Pictures, Paramount Pictures, MGM and 20th Century Fox, among others, as its clients.

Reliance Big Entertainment plans to set up offices in New York and Los Angeles soon, a company official said.

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