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.

Speilberg who has "Jaws","E.T","Jurassic Park" and "Indiana Jones" and many others to his credit was facing a lot of problems regarding management and credit for various projects and hence the decision. According to a leading newspaper "A hundred or more of about 140 current Paramount-Dream Works employees are expected to join the new operation. Also it is believed that the new company is likely to use the name 'DreamWorks’ and the distributor has not been finalized though Universal Pictures is expected to get the rights. With this development, a new series of films shall be produced to enthrall the audience.