The principals of DreamWorks SKG are close to making a deal with one of India's biggest entertainment conglomerates to form a new movie venture, according to The Wall Street Journal. This move that would give director Steven Spielberg the cash to finance his DreamWorks departure from Paramount Pictures later this year.

Mumbai-based Reliance ADA Group would provide Mr. Spielberg and company with $500 million to $600 million in equity. The deal amounts to a marriage of some of the biggest names in the Hollywood and Indian business worlds, with Reliance getting a large stake in the new company.