The timekeeper cites three news sources in as many weeks that have noted that the $500 million Reliance/DreamWorks deal is "a week" away from closing. The Wall Street Journal was a little more vague when breaking the story last June, reporting only that the parties were "close" to a deal. A fun theory floated at the time suggested outgoing 'Works partner David Geffen fed the story to the Journal to entice a bid from Rupert Murdoch himself, whose 20th Century Fox is on the short (if unlikely) list of potential DreamWorks distributors:

"This is what [Geffen] does really well," a studio veteran said after details of DreamWorks' new deal fanned across the film industry like a Malibu fire. On close inspection, the source explained, those details are not only weeks away from being worked into a contract, but out there in a way to stir up interest from interlopers. Even the scoop by which the deal-in-progress became public — page one, above the fold, in The Wall Street Journal — appeared orchestrated.

Our own DreamWorks digging unearthed little new news, and our Magic 8-Ball isn't much help either, with the inquiry, "Will Steven Spielberg be a free man?" first turning up the response, "Ask again later," followed by, "Outlook good." Whatever — if it's good enough for the Journal, then it's good enough for us.

• Why Is This DreamWorks-Reliance Deal Taking So Long? [The Business Sheet]

With the capital markets in turmoil, terms have tightened substantially for movie deals. Investors are demanding faster payback schedules, better guarantees and even a say in how movies are made and marketed.

None of that is acceptable to the DreamWorks team. Mr. Spielberg, who has directed more than 50 films, also wants to control his own destiny; at this point in his career, say friends, his accomplishments have earned him the right to have 100 percent control over his movies. Autonomy and ownership are paramount, and, at the moment, overseas investors are the most likely to allow Mr. Spielberg to write his own ticket, say studio executives.

We've already visited the Asian invasion among film financiers, from the Indian conglom that helped underwrite The Happening to Sony's buyout of MGM. It's not like they and Spielberg's new partners at Reliance ADA aren't risk-averse (the stability of 'Works president Stacey Snider is as imperative as Spielberg's own output), but you won't ever see them spinning to Barnes like Ron Meyer does today, alleging that Universal "[has] not been given the opening to be in business with DreamWorks.”

Translation: "He had this unlisted-number condition that was, like, WTF? What if I had questions about this Amistad sequel? Seriously. He thinks Reliance won't bug him? They're a phone company, Steven! Get the hell off our lot." Gladly, Ron. Gladly.

• Steven Spielberg’s Director’s Cut [NYT]

Or especially if you're Manoj Night Shyamalan, who caught nothing but holy hell for a month leading up to the release of The Happening only to nab almost $70 million worldwide in less than a week of release. As we noted yesterday, he and Fox had their own funding deal with backers at India's UTV, but the lucrative terms buried today in Variety's DreamWorks coverage make Manoj's Folly suddenly look like Manoj's Mint:

Under that arrangement, Shyamalan traded his first-dollar gross participation for 25% ownership of the pic's copyright and a cash break arrangement that allows him to share 50% of the film's revenue stream once UTV and Fox recoup budget and P&A costs. After a strong opening weekend, that deal looks like it could pay off for Shyamalan, who brought the film in at about $50 million.

We've seen this before, of course, with the Holy Trinity of Spielberg/Lucas/Ford most recently pulling down low eight figures after Indy 4's opening-weekend windfall. But Manoj! You player! A Nickelodeon movie hardly seems an appropriate follow-up; may we suggest instead a psychological thriller about a vacationing American family on the run from a mysterious epidemic, later discovered to be brought on by — SPOILER ALERT! — the exotic money trees wreaking cultural havoc around them. Too personal? Too soon? Fine — just as long as you don't start making us call you A.T.M. Night Shyamalan, we'll trust your judgment henceforth.

[Photo Credit: Getty Images]

• New financier for DreamWorks [Variety]

The rest of the picture is still taking shape, but after the jump we have a few educated guesses as to where things might land — and it looks curiously like Bollywood.

Led by Anil Ambani, by Variety's count the world's sixth richest man (and the husband of a Bollywood actress), Reliance is apparently taking over Hollywood one A-list player at a time. Its film funding arm, Reliance Big Entertainment, made headlines at Cannes last month when it announced development deals with the likes of George Clooney, Brad Pitt, Tom Hanks and others, splitting with studios the costs of new productions costing up to $1 billion. Reliance's latest venture is decidedly more ambitious, expanding its vast media footprint to claim what will be roughly half of the new DreamWorks: Six or so films a year through a studio to be determined (probably Spielberg's old stomping grounds at Universal, where he still keeps an office).

The deal also continues Asia's incursion into Hollywood, perhaps epitomized by Sony's $4.8 billion takeover (with Comcast) of MGM in 2005. But India has been even more active in the last year, with TV producer UTV Software buying into Fox's The Happening and Lionsgate entering a development deal with Mumbai-based shingle Eros International. The Reliance/DreamWorks pact is the biggest by far, but as noted by WSJ, the Snider connection gives Reliance stable executive footing for its grand Hollywood experiment.

The paper also adds, however, that DreamWorks would be dealing with an Indian conglom with its own internal drama: Anil Ambani is embroiled in a feud with his older brother Mukesh over a multi-billion dollar acquisition in South Africa. The trouble would only touch DreamWorks if the communications arm were ever sold; the brothers have reportedly been fighting over controlling interest in that case.

Spielberg will obviously cross that bridge when he comes to it, as will he face inevitable concerns about investor influence over his and Snider's slate. To wit, are the Clooney/Hanks/Pitt et. al. projects earmarked for the 'Works? How will Reliance play ball with Universal, Fox or another studio enlisted to distribute DreamWorks' films? Will press inquiries forevermore be rerouted to a call center in Bangalore? So many questions!

• Spielberg, India Firm Near Deal to Ally With DreamWorks [WSJ]