DreamWorks can dream freely at last!

Steven Spielberg, David Geffen and Stacey Snider were openly congratulated on Friday by Paramount Pictures executives for having acknowledged the completion of their deal to leave the studio and found a new entertainment company, in spite of the fact that no announcement had been made regarding this particular matter.

The argument came after a report posted on The Wall Street Journal’s Web site that explained the three DreamWorks executives had finally reached their long-awaited deal to set up a new company with financial assistance from Reliance Big Entertainment of India.

Although Paramount rushed in saying goodbye to the three ex-members, its executives pull out all the stops to show amiability, as friendliness has lacked throughout the brief collaboration. “We congratulate Steven, David and Stacey, and wish them well as they start their newest venture,” the statement read, according to The New York Times.

The statement also said that Paramount had put aside stipulations in the deals that adjoined the three and other DreamWorks staff to Paramount, which acquired the corporation in 2005 for $1.6 billion, in order to permit them to “join their new company without delay.”

Despite the fact that a spokesman for DreamWorks said that no announcement was to be released on Friday, a person who spoke on condition of anonymity confirmed that the deal had been reached.

Reliance Big Entertainment of India is said to invest approximately $500 million in the new company, which will also benefit from about $700 million from lenders, managed by JPMorgan Chase, that will allow it to produce at least 6 pictures a year.

While the company’s name was not disclosed yet, various sources said that Universal may be a potential distributor of the new entertainment’s company future movies.

Notwithstanding the separation between Paramount and the Spielberg-Geffen-Snider team, they should continue to collaborate on numerous DreamWorks films that still have to be released by Paramount. Among such productions is “The Soloist,” a possible Academy Award runner, starring Jamie Foxx and Robert Downey Jr.