Reuters - The first act of a big Hollywood drama is nearing an end as Steven Spielberg's DreamWorks SKG closes in on up to $600 million in financing from an Indian conglomerate to further its scheme to exit Paramount, a person close to the talks said on Wednesday.

AP - Google Inc.'s YouTube is setting up a virtual screening room to bring the work of independent filmmakers to a global audience.

Reuters - Consumer spending on filmed entertainment will rise to $111.2 billion in 2012 from $85.9 billion last year, driven by Asia-Pacific growth and digital upgrades in homes and theaters, according to a report released on Wednesday.

Reuters - Global entertainment and media revenue is forecast rising by an average of 6.6 percent a year to $2.2 trillion by 2012, boosted by advertising-supported digital and mobile media and an explosion in the adoption of broadband.

Reuters - AOL will distribute video clips from Scripps Networks' HGTV, Food Network, DIY Network and Fine Living Network, the companies said Wednesday.

Reuters - An abstract portrait by Pablo Picasso on Wednesday smashed the record for an artwork sold in Australia, netting A$6.9 million ($6.1 million) at an auction in Sydney.

Reuters - Congratulations to all you new Tony winners. It's a tradition that had a noble start: When the coveted prizes for Broadway's best were handed out for the first time 61 years ago, it was not at the 5,933-seat Radio City Music Hall but rather at a festive dinner in the Grand Ballroom of the Waldorf-Astoria, with only eight categories saluted, compared with 21 these days.

Reuters - A half-dozen members of the Thomson Reuters research department are moving to Standard & Poor's to form a new department to produce market research for hedge funds and other Wall Street players, The Wall Street Journal reported on Wednesday, citing people familiar with the matter.

Reuters - Don Cornelius has sold his "Soul Train" franchise to MadVision Entertainment, a multimedia company specializing in branded urban content and production.