Disney-Fox Deal: Rupert Murdoch Says No Loyalty To TV Networks, Only “Must See Fox News”
“Why now?” Fox Business Network anchor Maria Bartiromo asked boss Rupert Murdoch Thursday morning so he could walk viewers through the $66B deal for The Walt Disney Co. to acquire a major portion of 21st Century Fox.
“There are a lot of changes coming,” the 21st Century Fox exec chairman said. “People are watching television differently.
“Not news or business,” he hastened to add, because he’s hanging on to Fox News Channel and Fox Business Network. “But, entertainment… Read
Disney Set To Acquire Most Of Fox, A Game-Changing Deal That Will Redraw Hollywood Landscape
Disney announced its acquisition of a major portion of 21st Century Fox this morning in a deal that dramatically remakes the entertainment landscape and positions the media giant for the future.
The deal, officially valued at $66.1 billion including assumption of debt, will create an entertainment colossus that expands Disney’s footprint in every area. The agreement encompasses Fox’s prolific film and television studios, its FX and National Geographic cable networks… Read
Bitcoin Arrives On Wall Street, Bringing Good News For Blockchain Entertainment
Bitcoin, the digital currency based on blockchain technology, exploded in price last week, shooting up to a high-water mark of $19,000 per single coin. It has since retraced to the $15,000 level, but is holding firm in that territory.
If some observers can be believed, this week’s run-up in price is a prelude to bitcoin hitting heights undreamed of when it was selling for several cents. In fact, John McAfee, the founder of the computer anti-virus software that bears his… Read
GLAAD Funds Its First Feature Documentary: ‘TransMilitary’
EXCLUSIVE: On the heels of Trans Awareness Week, GLAAD’s Media Institute is giving a grant to help finance what marks its first funding for a feature-length film project. TransMilitary is a feature documentary that chronicles the lives of four American transgender troops defending their country's freedom while fighting for their own, and the larger efforts to help rescind the military ban on transgender service members serving openly. Earlier this year, several subjects… Read
The Weinstein Co. Closes In On Financial Lifeline
EXCLUSIVE: The embattled Weinstein Company is close to securing a last-minute capital infusion to help it stay afloat and stave off bankruptcy, according to sources. The Fortress Investment Group is on the 1-yard line with a bridge loan for $35 million that will enable the New York-based studio to meet payroll and its commitments on television projects through January, sources say.
That buys time for the company to complete an asset sale or restructure, expected to be… Read
Bold Films Continues Pact With Credit Facility Comerica Bank
Bold Films said it has renewed its agreement with Comerica Bank and the institution has allowed them a revolving line of credit and a $50M dollar debt facility that extends for three years. The deal will provide financing for the independent studio to produce four to six films a year and ramp up their TV slate. Bold Films entered their first deal with Comerica in 2013.
"Bold's prestige brand and pipeline of films along with Comerica Bank's knowledge of film finance makes… Read
Questions About U.S. Investment Swirl As China’s Communist Party Enters Into Its 19th National Congress
EXCLUSIVE: This is an important week for China, and Hollywood. October 18 kicks off the 19th National Congress of the Communist Party. There will be much fanfare, with an opening ceremony broadcast live on China Central Television. The Congress is meant to unveil new leadership and set a blueprint for national development for the next five years and beyond.
So, what's at stake for Hollywood? First the negotiations on a new contract that would cover quota films has not… Read
Jean-Baptiste Babin Exiting Backup Films; Guillaume Lirondière Promoted
Paris-based Backup Media Group has appointed Guillaume Lirondière as partner while founding principal Jean-Baptiste Babin steps down from operational functions at Backup Films. This is a notable shift at the top of the finance, production and distribution outfit that Babin runs with longtime colleagues and friends David Atlan-Jackson and Joël Thibout. It is an amicable move as Babin seeks new challenges, and with Backup in good shape for the future.
Babin will be ceasing… Read
Charles D. King’s MACRO Raises $150M & Closes Credit Facility To Produce Film And TV Projects
MACRO, the multi-platform media company founded in 2015 by former WME partner Charles D. King, has raised an additional $150M in equity and debt financing to produce and finance four to six film and TV projects a year. The company also closed a substantial credit facility arranged by Bank of America Merrill Lynch.
This follows its first round of funding two years ago. And so far, the company has produced a number of projects and gotten into business with some high-profile… Read
Charter Sets Plans For New Headquarters Building In Stamford, CT
Executives at major cable operator Charter Communications joined with Connecticut Gov. Daniel P. Malloy and other officials today to announce plans for a new 15-story headquarters building in Stamford. The company says the project will create 1,100 permanent jobs for the state’s battered economy.
The new building at the Gateway Harbor Point development along the Long Island Sound is projected to have 500,000 square feet of work space. Employees will start to occupy the… Read
Bron Studios Secures Revolving $50M Credit Line From Comerica Bank
Bron Studios, the Vancouver-based production company headed by Aaron L. Gilbert, has just announced it has secured a $50 million revolving credit line with Comerica Bank. The credit line, Bron said, will go to help it manage its burgeoning slate of productions. This is the company that was behind Jason Reitman's Tully (Focus), Miguel Arteta's Beatriz at Dinner (Roadside), Denzel Washington's Oscar-nominated Fences (Paramount) and Nate Parker's The Birth of a Nation (Fox… Read
Wanda Pulls Financing From ‘Arc Of Justice,’ Indie Film From Hawk Koch And Mark Gordon
EXCLUSIVE: Last year, Dailan Wanda Group joined with veteran filmmakers Hawk Koch and Mark Gordon to create an independent/awards-caliber film division called The O Project. The first film was to be the $12.5M-budgeted drama that had Russell Crowe and David Oyelowo negotiating to star. Arc of Justice, which was to go before the cameras on October 1 with helmer José Padilha, has just run aground. That gritty courtroom drama based on the book Arc of Justice: A Saga of Race… Read