Steven Spielberg India’s largest entertainment conglomerate is investing millions of dollars to produce films in collaboration with a Hollywood studio.        Mumbai-based Reliance Big Entertainment says it will invest $325 million to help finance the production of five to six films a year by the American film company, DreamWorks Studios.  The Indian conglomerate entered into a partnership with DreamWorks Studios last year as its co founder, Steven Spielberg, looked for capital for new projects.Reliance Big Entertainment said it is providing the “financial muscle” to help “uniquely talented individuals such as Steven Spielberg realize their dreams.” Steven Spielberg said “the venture with Reliance opens a new door to our future.”  The movies to be produced by the joint venture are expected to star some of the biggest Hollywood stars, and will be commercial, general entertainment films. The first film is slated to be released next year.Mumbai-based film trade analyst, Komal Nahata, says Reliance’s partnership with DreamWorks will give global exposure to the Indian entertainment industry. “It comes on the international map. That is the biggest advantage. Now imagine reading Reliance’s name in the credit titles of a Steven Spielberg film freecreditreport. It means a lot,” Nahata said.The venture between Reliance Big Entertainment and DreamWorks Studios comes at a time when monetary constraints due to last year’s financial crisis has made it difficult for Hollywood studios to find credit.Analysts say the deal may encourage more international film makers to look toward India for financing.Komal Nahata says Reliance’s foray into Hollywood could also be instrumental in bringing Hollywood a step closer to the Indian film industry known as Bollywood. “It is a step toward marriage of Bollywood and Hollywood, what we have been talking of for long. This would mean that they are partners in international projects. Suddenly Bollywood will be viewed far more seriously by Hollywood than ever,” Nahata said.Bollywood stars, musicians and technical talent got international exposure recently with the Oscar-winning film Slum Dog Millionaire, produced by British film maker Danny Boyle. Since then the Indian film industry has expressed hopes that it will see more international directors head its way for film projects and collaborations.

Indian Entertainment Conglomerate to Finance Hollywood Films

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BOSTON (Reuters) – General Electric Co (GE.N) said profit fell by almost half, on a deeper drop in revenue than Wall Street expected, as the slump that has gripped its finance and media businesses took hold of its heavy industrial units.

The largest U.S. conglomerate said on Friday second quarter net income came to $2.67 billion, or 24 cents per share, compared with profit of $5.07 billion, or 51 cents per share, a year earlier. Profit from continuing operations came to 26 cents per share.

Revenue fell 17 percent, more than the 10 percent slump analysts had forecast. Factoring out fluctuations in exchange rates, revenue would have been down 12 percent payday loan cash advance.

The world's largest maker of electricity-producing turbines and jet engines has been dragged down by deteriorating profit at its GE Capital arm, which has been hurt by heavy investments in commercial real estate and a weaker credit environment.

Shares rose 10 cents to $12.50 in premarket trading.

GE shares have fallen about 24 percent so far this year, a much sharper decline than the 1 percent slide of the Dow Jones industrial average (.DJI).

(Reporting by Scott Malone; Editing by Derek Caney)

GE profit falls steeply

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