Tang Media Partners Taps Moelis & Co., Morgan Stanley To Raise An Additional $200M In Equity Capital
EXCLUSIVE: Tang Media Partners Entertainment which recently formed the umbrella company Global Road Entertainment to oversee its acquisitions of Open Road Films, IM Global and IM Global Television, has just hired investment bankers Moelis & Co. and Morgan Stanley to raise what sources said is an additional $200M in equity capital.
According to sources, both Moelis & Co.’s offices in Los Angeles and in Asia are working on the effort. The equity capital would be used for both local and worldwide production. The current valuation of the company is $400M.
Global Road Entertainment, led by Donald Tang, has had big plans since renaming itself.
This comes only six months after the company hired former Lionsgate Motion Picture Group Co-Chairman Rob Friedman as chairman/CEO of the newly named company and after they just announced in Berlin that they expect Global Road to spend up to $1 billion on production over the next three years.
Friedman told Deadline in Berlin that by 2020 the company expects 15 movies a year with eight of those developed and produced by the company. They would keep international output deals as part of the plan.
The company plans to cross-pollinate and produce, finance and sell content on multiple platforms. So the $200M would be used, we’re told, to finance progress in China and elsewhere.
Neither Tang Media Partners nor Moelis & Co. would comment.