For months, Hollywood has been buzzing about whether superstar director Steven Spielberg could get a loan. Since October, when he broke away from Paramount Pictures to launch a studio with his longtime producing executive Stacey Snider, the director of such lucrative franchises as Indiana Jones, Jaws, and Jurassic Park has been stymied by the worldwide credit crisis. Now, after some serious restructuring efforts by bankers at JPMorgan Chase (JPM), Spielberg finally seems assured of getting his money.
Financial industry sources say the $325 million in bank commitments for Spielberg's new studio, which retains the DreamWorks name, will likely close in mid-May. The debt had been expected earlier this year, but had been delayed.