By Carl DiOrio

ORLANDO -- Steven Spielberg is back in the Universal family.

DreamWorks, headed by Spielberg and Stacey Snider, has struck a much-anticipated deal for theatrical distribution with Universal Studios in a seven-year agreement encompassing as many as six releases a year. The first project under the pact should go before cameras by September for release in 2010.

Terms call for DreamWorks to pay Universal an 8% distribution fee, with Uni advancing the marketing costs of the films.

Spielberg and Snider recently bolted Paramount to reconstitute DreamWorks as a private, separate production company. Several projects under development at Paramount will exit with them, but several DW/Par co-productions are likely during the next couple of years from among a batch of 33 key projects that DreamWorks had in development at Paramount.

The new DreamWorks' planned financial backing includes $550 million from India's Reliance Big Entertainment, bank loans of up to $750 million administered by JPMorgan Securities and $150 million in backup funding by Uni in the form of a callable bond that would be drawn upon only if other funds were exhausted.

Uni will handle worldwide distribution except for India, which RBE will oversee, and any DW/Par co-productions are likely to see global distribution shared with Uni.

Disney and Fox were also eyed as possible distribution partners for the new DW, but Uni was always the prohibitive frontrunner. DreamWorks production offices remained in leased space on the Uni lot even after Par acquired the company in March 2006.

The Reliance portion of DreamWorks' financial package is in place and could be augmented at some point. Execs won't get going in earnest on the bank component to the start-up's financial package until next month because of the turbulence in the financial markets. The aim is to close on the bank syndication and related lender commitments in January.

DreamWorks principal David Geffen is helping to fashion the latest iteration of the company but will not be involved once the new DW is up and operating.

As a young filmmaker, Spielberg's first contacts with Hollywood took place on the Universal lot, where he eventually rose to prominence as the director of "Jaws" and "E.T.: The Extra-Terrestrial." And Snider ran Universal Pictures as its chairman before joining DreamWorks two years ago.