Reliance Big Entertainment is offering Steven Spielberg $500 million in funding so that he can re-create DreamWorks as an independent production company separate from Paramount. According to The Hollywood Reporter, another $500 million will come from JPMorgan, insuring that DreamWorks becomes a private company.

In what some are calling a surprising move, Paramount has released all of the DreamWorks principals and employees from their contracts. This will insure that the new DreamWorks is able to move ahead without delay. Spielberg, DreamWorks chairman David Geffen and DreamWorks chief executive Stacey Snider are expected to tender their resignations from Paramount soon.

Steven Spielberg's next film was to be Tintin, but Universal has backed out of co-producing the film. At this time, the project is on hold.