(FROM VARIETY) — DreamWorks principals Steven Spielberg, David Geffen, and Stacey Snider have closed a long-expected deal with India-based Reliance and will leave Paramount Pictures to form a new, stand-alone production company. The deal is being valued at between $500 million and $1.2 billion. Paramount waived its right to keep DreamWorks' executives in its fold, and it is as yet unclear which executives will be taken along on the new venture. Paramount will still work with DreamWorks and Spielberg on projects in coming years, including the Transformers sequel. ''We congratulate Steven, David, and Stacey, and wish them well as they start their newest venture,'' Paramount said in a statement. ''Steven is one of the world's great story-tellers and a legend in the motion picture business. It has been an honor working closely with him and the DreamWorks team over the last three years, and we expect to continue our successful collaboration with Steven in the future.'' (Variety)
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