If (more like when) Steven Spielberg leaves Viacom, Inc's Paramount Pictures, all of the projects he has a hand in that are currently underway at Paramount will stay with the studio, reports Bloomberg.

Mr. Spielberg and company are currently in talks with Mumbai entertainment company Reliance ADA to form a joint venture that will allow Mr. Spielberg's company DreamWorks, SKG to split off from Paramount Pictures.

A source with knowledge of the talks said a deal may be reached as early as next week and Mr. Spielberg will receive $550 million in funding and borrow an additional $400 million with no outside equity.

While the funding and equity is close to the previous reports of $1 billion, it contrasts with the news that the studio would look for another $1 billion to finance new projects.

If a deal is signed, Mr. Spielberg and partners David Geffen and Jeffrey Katzenberg will be able to leave as early as November.