Steven Spielberg joins Entertainment One in new film and TV company
Peppa Pig owner Entertainment One has teamed up with Hollywood director Steven Spielberg to create a new film and TV company.
The joint venture, called Amblin Partners, will see Entertainment One extend its film distribution rights with Spielberg's DreamWorks studios.
It will also see Entertainment One handle the TV distribution rights, licensing and merchandising for the US studio, and distribute its films in territories such as Australia, New Zealand, Spain and the UK.
Shares in UK-based Entertainment One lifted more than 5% in the FTSE 250 Index.
Upcoming film projects for Amblin Partners include The BFG, The Light Between Oceans, starring Michael Fassbender, and A Dog's Purpose, starring Bradley Cooper.
TV projects the new venture will distribute include All the Way, an HBO movie directed by Jay Roach and starring Bryan Cranston.
The joint venture also includes US film and TV firm Participant Media, led by chairman Jeff Skoll, and Indian healthcare-to-communications conglomerate Reliance Group.
Entertainment One chief executive Darren Throop said: "We are delighted to join Steven Spielberg, Jeff Skoll and Reliance in launching this unique new venture.
"As part of Entertainment One's stated growth strategy to double the size of the business by 2020, we continually strive to partner with producers of the highest quality content and Amblin Partners certainly represents the gold standard."
Amblin Partners will be led by former TV senior manager and DreamWorks chief executive Michael Wright.
The partnership will release family friendly movies on the Amblin brand, adult dramas under the DreamWorks label and films with a social justice element with Participant Media.
Entertainment One owns a rights library that includes 40,000 film and television titles and 45,000 music tracks.
Spielberg's hits include ET, Jurassic Park, Schindler's List, Jaws and Close Encounters Of The Third Kind.