Variety: Joe Roth’s 14-year-old Revolution Studios has been acquired for $250 million by Fortress Investment Group, according to several sources close to the sale. Revolution was carrying roughly $175 million in debt, which was absorbed by Fortress, which borrowed approximately $150 million to make the sale, say several sources familiar with the transaction. Evolution Media Capital acted as the sell-side adviser in the transaction.
Sports Business Journal: MLS has started negotiations to extend its media deals with ESPN and NBC Sports Group. The league is in an exclusive negotiating window with ESPN that expires at the end of this month. It also is in an exclusive negotiating period with NBC Sports Group, and while it’s unclear when that window closes, it’s expected to be before ESPN’s window.
Sports Business Journal: Major League Soccer’s negotiations for new broadcast agreements will begin this fall with Gary Stevenson, the newly hired president and managing director of MLS Business Ventures, “leading the charge,” said Commissioner Don Garber last week in Kansas City. Evolution Media Capital, an affiliate of CAA, will advise MLS in its media rights discussions.
PRNewswire: Academy Award®-winning visual effects and animation studio Rhythm & Hues was acquired out of bankruptcy today by a wholly-owned affiliate of Los Angeles-based Prana Studios, Inc.