Industrialist Anil Ambani has struck a deal worth $1.5 billion with three-time Oscar winner Steven Spielberg and Stacey Snider to create a new motion picture studio. The joint venture is set to be launched by January next year.

"A new age studio is also being planned, which will be based in Hollywood, Los Angeles, " an industry insider told on condition of anonymity.

The joint venture will be producing 30-35 films over the next five years, the source said.

Stacey Snider, co-chairman and CEO of DreamWorks Studio, is set to hold the same position in the joint venture.

Before joining DreamWorks in 2006, Snider served as chairman of Universal Pictures where she was involved in "The Bourne", "The Mummy", and the "American Pie" series.

A Reliance spokesperson declined to comment on the development.