HedgeCo.Net (New York) – Less than a week after Paramount Pictures cut its ties with Tom Cruise ended their 14-year relationship, his company announced a deal with First and Goal L.L.C., an investorgroup headed by Daniel M. Snyder, owner of the Washington Redskins and chairman of the Six Flags amusement parks.
The financing is well under $10 million, according to Paula Wagner, Mr. Cruises business partner. Under the deal, Cruise-Wagner Productions will receive funds to cover overhead and develop new projects. Although she suggested last week that hedge funds were eager to invest up to $100 million in the company, it appeared yesterday that such financing had not yet materialized.
Hedge fund money has been flowing into Hollywood as people who have made big fortunes develop an appetite to be in the movie business.
Mr. Cruise and Ms. Wagner, though, insisted that they had already decided to start their own company and strike out on their own before Mr. Redstone made the announcement.
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