Nearly three months after it was announced, the $500-million deal between India's Reliance and DreamWorks has still not materialized.

"Insiders insist the basic deal remains intact. On Monday, it was reported that Steven Spielberg was currently meeting with Anil Ambani, chairman of Reliance, to finalize the deal and that it could be announced this week, but the week has passed without an announcement.

At the time it was originally disclosed, some analysts speculated that it may have been a negotiating ploy to be used by Spielberg and partner David Geffen as leverage in securing a more favorable extension of DreamWorks' current deal with Paramount.