SAVE MONEY ON TRAVEL DEALS

Unidentified sources in Los Angeles said Spielberg and Reliance Big Entertainment were finalizing an agreement potentially worth up to $1.5 billion to create the new Hollywood studio, the Times of India reported Saturday.

Currently, $700 million of the cinematic deal will be provided by the JPMorgan Chase financial group, while Reliance will pay an additional $550 million.

The deal will officially end the involvement of Spielberg and his Dreamworks studio with Paramount Pictures, The Hollywood Reporter said.

Under the new deal, Dreamworks Chief Executive Officer Stacey Snider will maintain the same position with the unnamed new studio.

The Reporter said the deal has been signed by Reliance Chief Executive Officer Anil Ambani and the studio is expected to officially start up in January.

 BREAKING STORIES

Keanu heading to Caltech for science talk

Helgenberger, Rosenberg split up

Buscemi, Scorsese may team up for pilot

Frasier and Lilith to reunite in 'Fame'

AMPTP: SAG strike would be self-defeating

'Slumdog' wins big at British indie awards

Kerr and Bloom not betrothed

Swedish film fest honors 'Frozen River'

Howard says 'Frost/Nixon' a memory lesson

Streep not used to 'movie star' role

Cleric says Disney a corrupting influence

Sources: Paltrow staying with billionaire

SAG calls on members to back strike

'Wall-E' release tops all DVDs in sales

Cruises and Beckhams meet for holiday

Caine discusses 'Italian Job' cliffhanger

Report: Ryder's borrowed jewels missing

'Narnia' exhibition opens at Philly museum

Batman not killed off in comic

Dad pleads guilty to picking film over kid