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Merrill at Hollywood Summit

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Merrill Lynch has teamed with former VC of Paramount Robert Friedman and Summit Entertainment to form Summit Entertainment LLC. The $1bn entity hopes to finance and distribute 12 feature films per year, making it the first major distribution focused PE entity in Hollywood.
Merrill has been trying to fund anything that walks in Hollywood these days, including production companies Paramount, Marvel, Montecito and Cold Spring Pictures. Merrill will also most likely have to pony up millions to Tom Cruise's United Artists because it couldn't find anyone batty enough to go in with Cruise on the equity portion of a $500mm financing package.
Merrill Goes for Summit in Hollywood – [DealBook]