‘Borat’ sparks more hedge fund deals

MSN Money – 20th Century Fox is set to announce a hedge fund-backed film financing deal worth more than $520m thanks to the box office success of Borat and The Devil Wears Prada.

The agreement, which comes amid increasing hedge fund and private-equity interest in Hollywood, will see Dune Capital Management refinance a slate deal – or agreement to produce several films – it struck with Fox at the end of 2005. An announcement on the new slate could come in the next few days, according to a person familiar with the situation.

Under the refinancing, Dune, formerly controlled by George Soros, the billionaire financier, will invest in at least 15 new films. These will include the fourth instalment in the Bruce Willis Die Hard franchise and Fantastic Four: Rise of the Silver Surfer.

The refinancing was made possible by the commercial success of the films in the first Fox-Dune slate, notably The Devil Wears Prada and Borat.

The Devil Wears Prada, starring Meryl Streep, was the surprise hit of the year while Borat, which opened only two weeks ago, is also expected to generate big returns for Dune and Fox, which are owned by News Corp.

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