- Arun Jaitley calls for expeditious use of penalising power by ED
- Triple talaq misused to satify lust, says UP minister
- 9 lakh registered companies not filing returns: Revenue Secretary Adhia
- Google CEO Sundar Pichai received nearly US $200 million salary last year
- India welcomes Cyprus support for NSG bid
- Murder at Jaya's tea estate: Main suspect killed, another injured in two accidents
Universal acquires minority stake in Steven Spielberg’s Amblin
MUMBAI: Universal is acquiring a minority stake in Steven Spielberg’s Amblin for an undisclosed amount.
Universal Filmed Entertainment will thus join Amblin Partners’ group of strategic investors that include Reliance Entertainment, Participant Media, Entertainment One (eOne) and Alibaba Pictures.
“We are big believers in Amblin Partners and its proven ability to create the kind of quality films that appeal to broad, global audiences. Steven is a genius and has always been part of our family, as well as an incredible partner to Universal. We are thrilled to become strategic investors in the company that he, Michael and Jeff are committed to growing” said NBCUniversal vice chairman Ron Meyer, Shell and Universal Pictures chairman Donna Langley in a joint statement.
Universal Filmed Entertainment chairman Jeff Shell will join the board of Amblin Partners.
“Because Universal has been such a significant part of my life, it is an added pleasure to welcome its stake in Amblin. Together with Jeff Skoll and our other partners, we look ahead to creating and delivering the storytelling that defines our brands of filmed entertainment,” said Amblin Partners chairman Spielberg.
Participant Media founder, chairman Jeff Skoll said, “Participant is in the business of social impact, and Universal has always been an excellent partner in ensuring our stories reach engaged global moviegoers who are eager to help change the world. We are thrilled to have Universal invest in Amblin Partners and look forward to extending our relationship.”
The companies first announced a multiyear partnership in December 2015 for Universal to market and distribute Amblin Partners’ films domestically, as well as in select international territories. The first title released by Universal under the pact, DreamWorks Pictures’ ‘The Girl on the Train’, has gone on to gross more than $175 million worldwide. The second release, ‘A Dog’s Purpose’, is currently in theatres.