Movie finance veterans, including Peter Hoffman, who helped Colony Capital raise funds to buy Miramax, and former Merrill Lynch executive Michael Blum, formed a new investment bank with Solar Entertainment Group.
Solar Entertainment HLB will be managed by Hoffman and Alexandra Lloyd, according to a statement today from the group. Blum, who spent 16 years at Merrill Lynch, will be chairman. The principals of the parent company are Jared Underwood, formerly with Comerica Inc. (CMA:US), and Bobby Paunescu.
Solar Entertainment HLB will raise debt and equity for film production, content acquisition and digital delivery for entertainment companies, including major studios. The partners plan a particular focus on matching investors in the U.S. and abroad to opportunities in entertainment and media.
“It has become a much more global landscape,” Hoffman said in an interview. “It requires a much more dedicated focus.”
Solar Entertainment Group includes Solar Pictures, an independent film production and finance company that focuses on smaller movies with budgets below $40 million.
Hoffman and Lloyd have both worked at Goldman Sachs Group Inc. Blum’s experience at Merrill Lynch included overseeing transactions involving Marvel Studios, Summit Entertainment, now a part of Lions Gate Entertainment Corp. (LGF:US), and ICM, the talent agency.
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