The past few months have likely not shaped up the way Steven Spielberg and his new DreamWorks partner, Reliance’s Anil Ambani, planned. After announcing in September that they’d reached a deal to start a new studio, with $550 million from Reliance and an additional $700 million to be raised by JP Morgan, the ensuing economic downturn and ongoing credit crisis have made fundraising a tad difficult. It’s no wonder then that DreamWorks has had to scale back its financing ambitions.
Meanwhile, Spielberg’s charity The Wunderkinder Foundation lost money with Bernie Madoff and Ambani lost some of his own money ($30.5 billion, to be precise, the most of any mogul this year) in the markets. But now the duo has to fork over an additional $26.5 million to buy back 17 of their movies from Paramount and Spielberg has to pay for his $13 million out of his own pocket, marking possibly the first time in his career that the legendary director has had to finance his own movies.
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