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Hollywood Studios to set up Dubai facility |
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9/20/2006 9:50:45 AM |
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Hollywood Studios International is setting up its first overseas venture in Dubai and wants to raise $500 million for making movies and expanding business in the US.
The Los Angeles-based entertainment company is initially raising $70 million in a syndication arrangement and is holding talks with underwriters, CEO Sir Steven Saxton told the Gulf News.
The $70 million in private placement financing will be spent on the acquisition of Inferno Distribution, a distribution company in the US with over $100 million worth productions in 2006, Saxton said.
The company has signed a letter of intent to acquire Inferno and has completed the due diligence study for the acquisition.
Saxton said Inferno makes five movies a year but its capacity would increase to 15 films a year with the injection of Gulf Arab money. The money will also be used to enhance Inferno's offering of foreign sales and distribution services.
The company has begun discussions with a major management company and has simultaneously identified other potential targets for acquisition.
Hollywood Studios is in the process of becoming publicly listed in the OTC (over-the-counter) market in the US. "In six to 24 months we will look at a listing on the Dubai International Financial Exchange," Saxton said.
He said a number of people have expressed their interest in becoming partners in his movie business. He said no location has yet been decided for setting up an office but Dubai Studio City and Dubai International Financial Centre are among the places being considered.
Saxton said Hollywood Studios wants to be the first American show business firm to establish base in the UAE. |
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