Oscar Winning director Steven Spielberg has broken business ties with Paramount pictures and is all set to start a new venture with Anil Ambani's Reliance, and will make 6 films in a year. The top executives of Dream Works, David Gaffen, Steven Spielberg and Stacey Snider were close to finalizing the new project. 

Dreamworks was started by Spielberg and David Gaffen in 1994 with Katzenberg, but sold it in 2006 to Viacom, Paramount’s Parent.  

Geffen will not be part of the new venture, according to a statement by Paramount and Dreamworks.