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Tuesday, June 26, 2007

Private equity funds keep pouring into Hollywood

From this morning's NY Times: venture capitalist Thomas Tull and his financing entity, Legendary Pictures, will invest $1 billion in a set of Warner Bros. movies. From Brook Barnes' story:

    The deal, which the companies plan to announce today, extends a partnership forged in 2005. At the time, Legendary, whose participants include AIG Direct Investments, Banc of America Capital Investors and Falcon Investment Advisors, invested $500 million in a group of Warner films. The deal included some flops but also yielded the surprise hit “300” and the blockbuster “Batman Begins.”

    The new five-year agreement, arranged by Dresdner Kleinwort, a London-based investment bank, calls for Warner and Legendary to jointly finance up to 45 films. Included are movies like “Where the Wild Things Are,” an adaptation of the classic children’s book; “The Losers,” based on a gritty comic book; and a remake of “Clash of the Titans.”

Interesting detail in the story -- the relationship was apparently strained last summer, after 'The Lady in the Water' and 'Ant Bully' flopped.

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