DREAMWORKS RELIES ON RELIANCE

India’s Reliance has ridden to the rescue of Steven Spielberg’s DreamWorks Studios, agreeing to invest another $200 million in the struggling studio, the New York Times reported today (Wednesday), citing a person with knowledge of the matter. The studio released six films in 2011 but had only one hit, The Help. The others were either outright flops or produced mediocre results. It currently has only two movies scheduled for release this year, People Like Us and Spielberg’s biopic Lincoln. Under its new deal with Reliance, which invested $325 million in the studio in 2009, DreamWorks has agreed to scale back its release schedule to 3-5 movies per year, all of which are due to be distributed by Disney, and to find co-financiers for all of the films.