Mon, Aug 20th 2007 3:14am
Just when it looked like Wall Street might be backing off from financing Hollywood films, Tom Cruise's film company, United Artists, has announced that it has raised $500 million from a group of investors put together by Merrill Lynch. Tom Cruise had had a longtime relationship with Paramount, although that was cut off, in part for personal reasons, but also because of doubts his ability to turn movies into hits. It's impressive that Merrill Lynch was able to pull together so much money, in times like these, for a proposition as shaky as investing in Hollywood blockbusters, but if things don't work out as planned, it could severely constrain future attempts at similar deals.
If you liked this post, you may also be interested in...
- Wall Street Journal Upset That Wall Street Isn't Upset About Net Neutrality
- Despite Losing Money Year After Year, States Still Wondering How They Can Hand Out BIGGER Subsidies To Hollywood
- Elon Musk Clarifies That Tesla's Patents Really Are Free; Investor Absolutely Freaks Out
- Wall Street Knows Darn Well That FCC's Net Neutrality Rules Won't Harm Broadband: Stocks Went Up
- Studios Fed Up With Funding The MPAA: Changes May Be Coming