The Hollywood film industry will have to open its doors to yet another gigantic partnership and a creation of a new studio called Amblin with Steven Spielberg's DreamWorks Entertainment and Jeff Skoll's Participant Media. Reports reveal that the partnership is expected to be fully operational in 2016.

To keep up with the fast-changing modern times in the film industry, giant studio heads Spielberg and Skoll, together with Reliance Entertainment of India and Entertainment One (eOne) of Canada, presented their new venture called Amblin Partners, Variety reported.

Amblin Partners will be headed by CEO Michael Wright, and, according to him, the group is formed to make a new brand. "One of the inherent ideas behind the formation of Amblin Partner is a recognition of not only the power of brands but the necessary of brand in the modern media landscape," he told the publication.

"What we have done here is really built this company around four world-class brands: Steven himself, his own brand, the DreamWorks brand, the Amblin brand and the Participant brand," Wright further explained.

The new deal comes with heaps of financial back-up. Amblin reportedly has a $500 million secured credit line from the augmentation of equity stakes of the new players, according to senior company officials.

As more investment are expected to arrive, a source said that Skoll's Participant gave $200 million.

Although the new name will place each of the studios under one umbrella company, studio names like Spielberg's DreamWorks will live on, according to a recent interview of Spielberg with The Hollywood Reporter.

"DreamWorks is something I co-created, and it's going to be in my life for as long as I'm making movies," Spielberg told the publication. Furthermore, since the label will continue to surface, its first project under Amblin will be the film "The Girl On The Train."

"We are hitting the ground running as opposed to the way it was when we announced DreamWorks [SKG] 21 years ago, when everybody said, 'Where's the beef?' and it took two years to produce the first steak," Spielberg told the news agency.

Wright even explained that the new venture basically gives more opportunities to create different types of films for different audiences.

"We will use the DreamWorks banner for our more adult-themed films. We will use Amblin brand, as its already known, for more family-friendly fare, more PG-13 films and Participant films, using their wonderful brand, will speak more to social justice issues and social action," Wright said as quoted by the news outlet.