Mubadala Development Co., the Abu Dhabi government's strategic investment arm, has underscored its ambition to become a major showbiz player by acquiring a 9% stake in U.S. boutique merchant bank the Raine Group, along with William Morris Endeavor and private equity guru Ted Forstmann.
Raine specializes in media, entertainment and sports and operates from New York, Los Angeles and Beijing.
Deal was announced Thursday, on the last of a three-day media summit in Abu Dhabi.
"Abu Dhabi and Mubadala could help to shape the sports and entertainment sectors and we are thrilled to work with them," said Jeff Sine, a founding partner at Raine along with Joe Ravitch. "Having a strong capital partner such as Mubadala is an exciting way for us to position our business globally."
Raine, founded last year by the former bankers who specialized in the media industry, will tap coin from the oil-rich emirate to grow its business, and aims to take advantage of its links to one of Hollywood's leading percenteries.
The two will "capitalize on emerging investment opportunities in the media, entertainment and sports sectors around the world."
Abu Dhabi recently set up a state-backed media zone as well as a company to produce and finance films.
"Their ambition, expertise and vision are precisely the traits we seek in our partners," said Waleed Ahmed al-Mokarrab al-Muhairi, Mubadala's chief financial officer.
via www.variety.com
Interesting development.
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