Sitemap | The entertainment industry is one of the sectors hardest hit by the global pandemic. Carla DiBello, a Dubai-based Saudi rainmaker with Hollywood film and TV roots, spearheaded that deal. The PIF declined comment. Brochures for the event tease “top CEOs and thought leaders in global entertainment … Back in February, the fund made an offer to buy a small stake in WMG for $750 million right before the music label submitted paperwork to begin an initial public offering of its common stock. Although everyone from Disney to AMC Theatres has begun to offer debt in the COVID-19 fallout, some analysts say it would be better to take Saudi equity. “It is interesting that there has been no obvious reaction.
Following a Feb. 26 screening of the film at UTA, Fogel told moderators Baldwin and Sean Penn, “The major global distributors are scared of this film.” (Fogel declined to comment for this story.).
by "There's one other bid in the mix, and it will come down to a number," says the source. “I guess nobody wants to complain because they might have to go to that trough themselves one of these days.”, That silence signals a stark turnaround from fall 2018 when the Saudi outrage factor was high. The $500 million move marked the Public Investment Fund's first known buy-in of an American entertainment company since the October 2018 murder of …
AMC opened the first public cinema in April of last year, but there are still fewer than 40 screens opened across the country, the rest by regional giant Vox Cinemas. The Hollywood Reporter, LLC is a subsidiary of Prometheus Global Media, LLC. Terms of Use | Endeavor Content's Ari Emanuel returned to the PIF a $400 million investment. As such, the PIF has made an offer to buy Warner Music Group, according to a source close to WMG owner Len Blavatnik. 6:50 AM PDT 5/7/2020 Saudi Arabia has bought a $500 million, or 5 percent, stake in Live Nation, a live music company, becoming the third-largest shareholder in the company, whose share … AMC, however, confirmed at CinemaCon that it was proceeding, with hopes to open 10 cinemas by the end of 2019. FACEBOOK TWITTER But as the pandemic wreaks havoc on the Hollywood economy, many companies would rather take a PR hit than lose their financial footing or go under altogether. © 2020 The Hollywood Reporter In October, movie stars publicly returned to Riyadh for the first time since Khashoggi’s murder as Jason Momoa, Jackie Chan and Shah Rukh Khan were among the speakers at Saudi Arabia’s Joy Entertainment Forum. The news comes after a period of uncertainty for the Kingdom, where there had been a flurry of interest from international chains after it announced it was lifting a 35-year ban on cinemas in December 2017. Saudi Arabia invests in Hollywood amid COVID-19 crisis. Saudi Arabia's emerging cinema scene was given a boost on Thursday, following an announcement by the government to invest some $35 billion in theaters by 2020.
The $500 million move marked the Public Investment Fund's first known buy-in of an American entertainment company since the October 2018 murder of Washington Post columnist Jamal Khashoggi — a crime attributed to Saudi government agents that abruptly ended Hollywood's love affair with Crown Prince Mohammed bin Salman.
But on March 2, WMG put its IPO plans on hold because of market volatility, making a PIF offer all the more attractive. On April 27, Saudi Arabia disclosed in an SEC filing that it has taken a 5.7 percent stake in Live Nation, led by CEO Michael Rapino, via its sovereign wealth fund. "I just can't say whether or not the folks at Disney would be willing to entertain issuing equity at this juncture. But for some of these companies that have an uncertain horizon at this time, it certainly would be prudent, particularly for their credit ratings.". About Our Ads European heavyweight Vue, which was among the first to announce plans to invest in early 2018, revealed that, in the wake of the Jamal Khashoggi scandal, which erupted late last year, it was putting its Saudi investments on ice and confirmed this week that there would be no movements this year. FACEBOOK About Our Ads Privacy | by But then again, a lot of companies are totally desperate right now,” says Jean-Francois Seznec, a Gulf expert at Washington-based think tank the Middle East Institute. The privately held label — one of only three majors, with artists like Madonna and Camila Cabello — is valued at around $12.5 billion. The Hollywood Reporter, LLC is a subsidiary of Prometheus Global Media, LLC. | Cookie Settings.