US-based Carlyle Group to sell 61% stake to Hollywood filmmaker Dan Mintz
The Carlyle Group, the US private equity firm in which Abu Dhabi’s Mubadala Development Company owns a 7.5 percent stake, has agreed to sell its 61 percent stake in Taiwan's Eastern Broadcasting Corp (EBC) to Hollywood filmmaker Dan Mintz.
In a statement, Mintz, a co-executive producer of Hollywood action movie 'Iron Man 3' among others, said he was in the process of buying the stake without disclosing the deal's value nor the source of funding.
The statement came after the Los Angeles Times reported Mintz told the paper he had agreed to pay $600 million in the deal, seeking to tap into EBC's potential China growth as a broadcaster of content in Mandarin.
Mintz is founder and chief executive officer of DMG Entertainment, as well as a co-founder of Shenzhen-listed DMG Entertainment and Media Co.
The deal comes after Carlyle launched its latest bid to exit the holding last August jointly with EBC's second-biggest shareholder, Eastern Media International, for at least T$20 billion ($650 million). Carlyle's previous attempt to fetch as much as $700 million for the stake found no takers, people with knowledge of the matter said.
"As a media network EBC offers tremendous growth opportunities in digital, Mandarin-language content, premium content creation and distribution, which will become the anchor platform for ongoing global expansion of Mintz's businesses," the film producer said in his statement.
Since its inception in 1987, Carlyle has invested in a range of household names, including Booz Allen Hamilton, Dex Media, Dunkin' Brands, Getty Images, Hertz, Kinder Morgan, Nielsen and United Defence.
Abu Dhabi wealth fund Mubadala bought its 7.5 percent stake in the company in 2007.