In an update to the Steven Spielberg and Reliance ADA talks, the Associated Press reports that the two are looking for a way for DreamWorks, SKG to become an independent studio once again.

News of the talks surfaced last week from The Wall Street Journal that Mr. Spielberg and co-founders of DreamWorks were talking with the Mumbai-based company to form a new venture.

The AP article cites two unidentified individuals familiar with the talks and one says that four to five other parties are involved in the talks, including Universal Pictures, which was reported by the Journal to be a possible distributor.

The same individual stated that it be a time before a deal is signed.

Mr. Spielberg and co-founders David Geffen and Jeffrey Katzenberg, if successful in their split, are looking to infuse the company with $1 billion in equity and another $1 billion to finance new projects.

The Journal previously reported that Reliance would fund DreamWorks with $500 million and DreamWorks would try to find the same amount from another source as well.