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Paramount and investment bank fund to finance films in 2007

Paramount and investment bank fund to finance films in 2007

Paramount Motion Picture Group and the investment bank Dresdner Kleinwort have created a $300 million (euro235.5 million) fund to finance the Viacom Inc. unit's 2007 film slate.
The Melrose Investors 2 LLC fund will finance at least 30 films under the Paramount Pictures, DreamWorks SKG, MTV Films and Nickelodeon Movies banner. Paramount Vantage and Paramount Classics releases aren't part of the Melrose 2 fund.
"The successful closing of Melrose 2 demonstrates a strong investor appetite for the film sector, as well as Paramount's considerable appeal to the investor community," Dresdner Kleinwort executive Laura Fazio said in a statement Monday.
Dresdner Kleinwort, with headquarters in London and Frankfurt, is the investment bank of Dresdner Bank AG.
"Paramount's movie labels reach a diverse set of moviegoers _ from kids and teens to adults and families _ and we have every confidence in the films being assembled under the leadership of (chairman) Brad Grey and his team," Fazio said.
Although the deal was announced this week, Melrose 2 has already funded Paramount films this year, including "Jackass Number Two," "World Trade Center," "Nacho Libre" and the upcoming "Flags of Our Fathers."
Motion pictures under the deal announced Monday include "Freedom Writers," "Norbit," "Shooter" and "The Spiderwick Chronicles."
Melrose 2 is a follow-up financing arrangement to the 2004 Melrose fund, arranged by Merrill Lynch, that raised $225 million (euro176.7 million) for 25 Paramount movies. Dresdner Kleinwort arranged the senior notes on the first fund.
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On the Net:
http://www.dresdnerkleinwort.com
http://www.paramount.com