Steven Spielberg Film Funding In Trouble

February 7. 2009

Where there’s smoke there’s fire and the recession is hitting Hollywood in more ways than one. DVD sales are way down. So are ticket sales. Now it has been announced, Hollywood's top director, Steven Spielberg, is having difficulty finding funding for a new film company.

Something tells me things are not going to be the same in Hollywood. The age of decadence they have been living and working under shall face renewed scrutiny, less support and disenchantment from the public.

Spielberg film talks collapse

Steven Spielberg’s hopes of creating a new independent film company have been dealt a serious blow after the collapse of talks on a distribution deal with Universal Studios…

The collapse of the distribution deal – vital to the success of Mr Spielberg’s newly independent DreamWorks venture - follows the acclaimed director’s failure to raise $500m of debt. He has also been unable to secure a new pay-TV deal for DreamWorks with HBO, the Time Warner-owned cable channel…

But the credit crisis has forced the director to scale back his original plans. ….

News Corp and Time Warner this week blamed weaknesses in the DVD market for steep first quarter losses. Walt Disney also pointed to the decline of the industry when it reported a 32 per cent fall in profits.

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