Reliance Communications was said to be close to an agreement with movie director and studio mogul Steven Spielberg about buying as much as a 50 percent stake in a newly reconfigured version of Spielberg's DreamWorks venture. The deal could be worth around $1.2 billion. Reliance actually has an entertainment unit, and a deal has been rumored for some time. While U.S. telcos have mostly stayed out of investing money in content ownership, other telcos around the world have had closer ties with the entertainment industry. Still, a move by Reliance to own half of a Hollywood studio would be another bold move by an Indian company rapidly working its way into U.S. markets.
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