Following in Hollywood hedge fund operator Benjamin Waisbren and Co.'s (possibly failed) footsteps, Citigroup will be funding at least 45 movies over the next five years, in conjunction with the privately held Relativity Media. Ryan Kavanaugh, an executive at Relativity Media, brokered the deal, and previously worked with Deutsche Bank to finance 18 movies to be made by Sony and Universal Studios over the next two years. No word on whether a $Honey movie-of-the-week will be included in the 45, but, for the most part, it can pretty much be assumed. (Gotta start making those trademark application fees earn their keep, you know?)
CITI'S FILM SEED [NYPost]
Posted by WCE, Jan 31, 2007 10:58AM
I guess we can get ready for a sleugh of bad movies. It will be like the movie industry and sell-side research combined.