Anil Ambani’s Reliance Big Entertainment (RBE) and Steven Spielberg’s DreamWorks has entered into a 50:50 joint venture. The deal was formally signed by both the parties. As per the deal, $825 million will be funded by RBE.

While $325 million will be a personal investment by Anil Ambani, $150 million will be a distribution advance drawn from The Walt Disney Company. The remaining will be in the form of debt from JP Morgan.

The film production will commence this year and the first release is slated to be held next year (2010).

The four members that will constitute the Dream Works Board are: Amitabh Jhunjhunwala, Alan Levine, Stacey Snider and Speilberg.