BEVERLY HILLS - Three of Hollywood's most powerful players are combining their talents and fortunes in an entertainment company to compete with the major studios.
The new "dream team":
-- Former Disney Studio chairman Jeffrey Katzenberg.
-- Director Steven Spielberg.
-- Music and movie mogul David Geffen.
The three will be equal partners in a company that will focus on motion picture and TV production, animation, recording and new/interactive media.
"The initial funding is coming from the three of us and it's substantial enough to get the company up and running," says Katzenberg, declining to elaborate.
"The objective," he adds, "is for us to own our own business."
Spielberg talks about creative freedom: "I'd like to find ways to ensure filmmakers have a home they feel comfortable in."
And Geffen says the three friends "hope to be good devil's advocates for each other."
Spielberg, who says "I'll always want to go where the material is," is retaining his option to direct outside projects. He is already committed to a Jurassic Park sequel for Universal.
Jeffrey Katzenberg Est. worth: millionaire Expertise: Animation. Responsible for such Disney hits as Aladdin, Lion King, Beauty and the Beast and Little Mermaid. Resume: Former head of Walt Disney Studios.
Steven Spielberg Est. worth: $600 million Expertise: Blockbuster films such as Jaws, Raiders of the Lost Ark, Schindler's List, Jurassic Park Resume: Founded Amblin Entertainment, which produces films such as The Flintstones and TV shows such as SeaQuest DSV.
David Geffen Est. worth: $1 billion Expertise: Recordings by artists including Elton John Resume: Founded Asylum and Geffen records, which he later sold, netting more than $710 million total; Geffen Films produced upcoming Interview With a Vampire.
