Hollywood set for power shift after Steven Spielberg's exit

London, October 6 : Steven Spielberg's nearing last days with 'Paramount Pictures' and his new joint venture with Indian billionaire Anil Ambani's Reliance Entertainment is set to mark a significant power change for Hollywood.

While Oliver Stone used Chinese money for producing his biopic of George W. Bush, Spielberg's new deal with Ambani demonstrates Hollywood's inclination towards foreign financers.

The shift demonstrates Hollywood's requirement for overseas investments, especially following the credit crunch that has made it difficult to borrow money in the US, reports TimesOnline.

Spielberg will soon form a new company with the Indian 'Reliance Entertainment' that is a part of a Mumbai-based corporation specialising in almost everything, from telecommunications to energy.

'Paramount Pictures' shall formally announce the end of their movie-making relationship with Spielberg's 'DreamWorks'.

Spielberg and Paramount have together produced hit animated blockbusters like Shrek and live action movies such as 'Saving Private Ryan', before the company's animation division was spun-off into a public company in 2004.

ANI