Spielberg forced to dig deep
The turmoil in the financial markets has caught up with director Steven Spielberg.
The director is being forced to dig into his bank account to fund moviemaking because of delayed financing.
Spielberg has had to pay Viacom Inc.’s Paramount Pictures $13.3m (€10m) to buy the rights to 17 movie projects that were in development while his DreamWorks SKG studio was at Paramount, according to a DreamWorks source familiar with the company’s finances.
Funding delays have meant Spielberg has also had to cover half the costs of DreamWorks approximately 60 employees since the production company broke off from Paramount in October, according to the source.
