Steven Spielberg’s Amblin Partners strikes new deal with Universal

Steven Spielberg’s Amblin Partners is strengthening its relationship with Universal.

Universal and Amblin announced a new multi-year deal with Universal under which the film studio will co-finance Amblin’s films. The pact gives Amblin more flexibility in tough economic times. At the same time, Spielberg will retain creative control.

Previously, Amblin would find financing for his own films and then give Universal the ability to distribute those films for a fee. Spielberg has not yet announced which film he intends to direct. He last directed the Oscar nominee The Fabelmanswhich Universal released.

“Universal is the home of my ancestral studio, and this next chapter in our long-standing partnership will provide Amblin with the creative flexibility and autonomy that I know will allow us to succeed together in the future,” Spielberg said in a statement. “I am eternally grateful to our entire Amblin team for their work and dedication over the years, and I am also grateful to Donna (Langley) and everyone at Universal for their commitment and cooperation, as we look forward to may our next adventure come together. “

Langley, president and chief content officer, NBCUniversal Studio Group added, “We are thrilled to evolve our partnership with Steven and together cement our creative legacy that has led to so many iconic Universal films over the past half-century. Steven and the Amblin team have been outstanding partners and we can’t wait for this next chapter.”

There will be job cuts at Amblin due to the new deal, according to insiders. It will be a mix of layoffs and some non-renewed contracts. No further details were revealed.

The deal with Universal has no impact on Amblin’s separate TV deal with Netflix.