NEW YORK – Former multiple-time MGM owner Kirk Kerkorian is on the prawl for a new Hollywood deal, looking to buy a studio, production firm or technology firm playing in the entertainment industry, theWall Street Journal reported.
Jay Rakow, an executive at Kerkorian’s investment vehicle Tracinda Corp., told the paper that the 94-year-old investor who has stayed away from Hollywood since selling MGM in 2005 just before U.S.DVD sales peaked sees opportunities in new forms of online distribution and in emerging markets, such as China, India and Latin America, but wouldn’t name potential targets.
Kerkorian could acquire a single company or a range of smaller ones and hasn’t targeted a specific dollar figure or timetable, Rakow said. The Journal suggested that a smaller studio needing financial help could be on his short list.
Kerkorian also recently hired former MGM COO Charles Cohen as senior adviser for media investments and private equity fund Raine Group LLC as an adviser to help him with his hunt, according to the Journal.
(TheHollywoodReporter/Szalai)
PoliticsofHollywood/ Varona
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