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Cannes Film Market Feeling the Crush of Bankers
Just as Hollywood is seeing an influx of money from Wall Street banks, private equity firms and hedge funds, so is the world's largest international film market. As the New York Times reports today, money men are all over the Croisette, trying to arrange and finance deals. The number of American firms present at the festival is up seven percent this year, with Cannes seeing Merrill Lynch, Cititgroup, Royal Bank of Scotland and JPMorgan Chase in attendance, as well as hedge funds like Atticus Capital and various other companies backed by Providence Equity Partners and Texas Pacific Group. "Five or 10 years ago, there were only a few banks that came to Cannes," John W. Miller, managing director of JPMorgan Chase, told the NYT. "Now there are 60 to 80 banks there, hustling." The effect of all these deep pockets? "There's more money bidding for limited content," said Bill Block, chief executive of the film financing and sales firm QED International, "so prices naturally are moving up."
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