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India's Reliance Entertainment and other investors are in talks with Hollywood's DreamWorks SKG to raise as much as US$2 to create a new movie venture, two people familiar with negotiations said Tuesday.
Dreamworks, the movie studio founded in 1994 by Steven Spielberg, David Geffen and Jeffrey Katzenberg, is looking to raise a total of $2 billion from investors - $1 billion in equity and another $1 billion for new movie projects, the two people with knowledge of the talks told The Associated Press. They said they could not be named because negotiations were ongoing.
There are four to five other parties involved in the talks, including Universal Pictures, one of the individuals said.
Reliance Entertainment, the media arm of one of India's top conglomerates, the Reliance ADA Group, plans to invest more than $500 million to $600 million in equity, that same person said.
The Los Angeles Times reported last week that DreamWorks SKG is trying to raise about $1 billion to break from Viacom Inc. and its movie studio, Paramount Pictures.
Viacom bought DreamWorks SKG in 2006 for $1.6 billion, but the relationship has declined despite hits such as "Transformers" and "Dreamgirls."
Amy Winehouse will face no action after allegedly punching an audience member at Glastonbury Festival over the weekend.
As we reported earlier, video footage of what appeared to show the singer punching someone in the crowd, surfaced online - which you can watch here - however, police say they have received no complaints of assault.
A glastonbury Festival spokesman said there would be no investigation, while founder Michael Eavis defended Amy Winehouse saying she appeared to fling her hand at someone after they touched her.
Eavis also added that he asked Winehouse if she would headline the festival next year.
Disbanded rockers PHISH have fuelled reports they will reunite after bassist MIKE GORDON confirmed rumours about a comeback "stemmed from reality".
The four bandmates thrilled fans when they shared the stage for the first time since their 2004 split to accept a Lifetime Achievement Award last month (May08) at New York's Jammy Awards.
And last month guitarist Trey Anastasio added to rumours of a reunion after telling Rolling Stone magazine, "At this point in time I would give my left nut to play (You Enjoy Myself) five times in a row every day."
Now members of the quartet - including Anastasio, Jon Fishman, Mike Gordon and Page MCConnell - have confirmed a reunion is likely, after addressing reports that producer Steve Lillywhite - who worked on their 1996 album Billy Breathes - is seeking to get the band back into the recording studio.
Bassist Gordon says, "(The rumour) stemmed from reality. We love Steve Lillywhite. He would bring out some great things in us. But we don't have specific plans to work with him. It was an idea and hopefully it's something that if we rev things up, it could happen some day. We don't know if we would tour first or make an album first. We have no idea.
"The band has had a couple of dinners and they've just been great. We're all just excited about the idea of doing something sometime. I can't guarantee it, but I'm optimistic."
In a posting on the band's official website, keyboardist MCConnell adds: "The prospect of Phish reuniting is something I consider very seriously, and I think about it a lot... Later this year we hope to spend some time together and take a look at what possible futures we might enjoy."