Dude, Where's My Investment?

Ashton Kutcher has a new job--one that involves no bubbly leading lady or dopey jokes. He's a board member on a blank-check company hoping to raise $500 million in an I.P.O.

No, you are not being Punk'd on April Fool's day.

In February, Kutcher joined the Performance Acquisition Corp., a special purpose acquisition company formed by the William Morris Agency. The company hopes to raise the $500 million and then use its expertise to acquire one or more companies in the entertainment, media and/or publishing industry within two years, according to its S.E.C. filing.

So-called SPACs are the latest fad on Wall Street. Ashton Kutcher's involvement in one only underscores that, as The Deal noted. SPACs accounted for a quarter of all U.S. I.P.O.'s in 2007.

Kutcher will presumably offer his expertise on any potential entertainment acquisitions. Performance's chairman and president each have extensive experience with SPACs. Eric Watson ran Endeavor Acquisition Corp., which bought the retail chain American Apparel last year. He currently serves on the boards of three other SPACs currently looking for a target.

Watson's partner, Jonathan Ledecky, has been involved with SPACs and other roll-up ventures for more than a decade. He founded U.S. Office Products in 1994 and proceeded to acquire more than 250 companies in less than a year. It eventually filed for bankruptcy after Ledecky left.

Most other board members include a smattering of executives from the entertainment and media, and sports industries. The Carlyle Group's managing director Edward Mathias also sits on the board.

Kutcher brings to the table his experiences playing characters such as Michael Kelso in That 70s Show or as Hank in Cheaper by the Dozen. He is also chairman of Katalyst Films and Television, the firm that produces some of his shows and films.

by Megan Barnett