TheStreet.com reports that Blumberg Capital is rounding up “Middle East-based entities” to invest in U.S. media companies:
The fund, for which CEO Philip Blumberg says there is interest amounting to at least $500 million, would target newspapers as well as Hollywood movie studios, online media outfits, broadcast news and possibly radio businesses. Including the use of leverage, the fund will have buying power of approximately $1.5 billion and could kick off by the second quarter next year, Blumberg says.
Blumberg tells TSCM that he’s aware of the political/pr issues involved in Arab media investment in the U.S., and that’s also cognisant of U.S. rules limiting foreign ownership of media here. But hard to imagine a $500 million fund generating too much controversy, period.
Related: The Arabs Are Coming! Update!
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