Tuesday, 29 July 2014
Last updated 1 hour ago
Jun 23 2010 | 11:40am ET
Given the chance to play Hollywood kingmakers, a trio of hedge funds is backing a movie studio owned by private equity firm Cerberus Capital Management.
Spyglass Entertainment is the preferred choice of Anchorage Advisors, Davidson Kempner Capital Management and Highland Capital Management to run Metro-Goldwyn-Mayer, The Wall Street Journal reports. The three hedge funds are among the largest MGM creditors.
The deal with Spyglass isn’t done yet, and another deal with Summit Entertainment remains a possibility. But the hedge fund creditors would own more of the restructured MGM under a deal with Spyglass than under one with Summit.
Alternative investments ties are not the only thing drawing the hedge funds to Summit: The firms were apparently impressed by Spyglass chiefs Gary Barber and Roger Birnbaum’s plan for the studio. Barber and Birnbaum would serve as co-CEOs of MGM under the deal.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…