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2021-05-27

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Amazon Deal for MGM Marks Long-Awaited Win for Hedge Funds<blockquote>亚马逊收购米高梅标志着对冲基金期待已久的胜利</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":132419231,"tweetId":"132419231","gmtCreate":1622106043723,"gmtModify":1634183801854,"author":{"id":3570943802939516,"idStr":"3570943802939516","authorId":3570943802939516,"authorIdStr":"3570943802939516","name":"jehhme","avatar":"https://static.tigerbbs.com/a6bcc014cffe2bfb254217a4f4853889","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":7,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>nice</body></html>","htmlText":"<html><head></head><body>nice</body></html>","text":"nice","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/132419231","repostId":1131834354,"repostType":4,"repost":{"id":"1131834354","kind":"news","pubTimestamp":1622105734,"share":"https://www.laohu8.com/m/news/1131834354?lang=zh_CN&edition=full","pubTime":"2021-05-27 16:55","market":"us","language":"en","title":"Amazon Deal for MGM Marks Long-Awaited Win for Hedge Funds<blockquote>亚马逊收购米高梅标志着对冲基金期待已久的胜利</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131834354","media":"The Wall Street Journal","summary":"Anchorage Capital has made about $2 billion in paper profits with Amazon.com’s agreement to purchase","content":"Anchorage Capital has made about $2 billion in paper profits with Amazon.com’s agreement to purchase the Hollywood studio<blockquote>Anchorage Capital通过亚马逊收购好莱坞电影制片厂的协议获得了约20亿美元的账面利润</blockquote> <img src=\"https://static.tigerbbs.com/b98baf712f8199ec014b471b1e6d6627\" tg-width=\"1260\" tg-height=\"840\">Amazon.com agreed to buy MGM for about $8.5 billion, including about $2 billion in debt.<blockquote>亚马逊同意以约85亿美元收购米高梅，其中包括约20亿美元的债务。</blockquote> Anchorage Capital Group,MGM Holdings&nbsp;Inc.’s&nbsp;largest shareholder, has made about $2 billion in paper profits with&nbsp;Amazon.comInc.’s&nbsp;agreement to purchase&nbsp;the famed Hollywood studio&nbsp;behind James Bond.<blockquote>米高梅控股公司(MGM Holdings Inc.)的最大股东安克雷奇资本集团(Anchorage Capital Group)因亚马逊(Amazon.comInc.)同意收购詹姆斯·邦德(JamesBond)背后的好莱坞著名工作室而获得了约20亿美元的账面利润。</blockquote> Anchorage is among a group of hedge funds that has been waiting a decade or more for a sale or public offering of the studio on the strength of its content library. They were rewarded with the agreement disclosed Wednesday by Amazon to&nbsp;buy MGM for about $6.5 billion, plus about $2 billion in debt.<blockquote>安克雷奇是一群对冲基金之一，这些基金已经等待了十年或更长时间，希望凭借其内容库的实力出售或公开发行该工作室。他们获得了亚马逊周三披露的协议，以约65亿美元收购米高梅，外加约20亿美元的债务。</blockquote> New York hedge fund Anchorage began telling investors about its potential profit Wednesday. Anchorage invested less than $500 million in 2010, making for an IRR, a return metric that takes into account the length of an investment, of about 16%.<blockquote>纽约对冲基金安克雷奇周三开始向投资者介绍其潜在利润。安克雷奇2010年的投资不到5亿美元，IRR（一种考虑投资期限的回报指标）约为16%。</blockquote> MGM’s soaring stock price because of the deal has taken the return of Anchorage’s flagship hedge fund from 8% to 18% this year, said a person briefed on Anchorage’s performance. Anchorage co-founder and MGM board chairman Kevin Ulrich had been negotiating with Amazon’s Mike Hopkins, senior vice president of Prime Video and Amazon Studios.<blockquote>一位了解安克雷奇业绩的人士表示，米高梅因这笔交易而飙升的股价使安克雷奇旗舰对冲基金今年的回报率从8%升至18%。安克雷奇联合创始人兼米高梅董事会主席凯文·乌尔里希(Kevin Ulrich)一直在与亚马逊Prime Video和亚马逊工作室高级副总裁迈克·霍普金斯(Mike Hopkins)进行谈判。</blockquote> The Amazon agreement represents a win for MGM’s hedge-fund holders in a deal whose outcome many doubted along the way. Many other MGM shareholders, and some Anchorage clients, questioned in recent years whether the perks that came with being a movie-studio chieftain influenced the&nbsp;call by Mr. Ulrich to stay so long with MGM, the lengthiest and largest investment in Anchorage’s history.<blockquote>亚马逊协议代表着米高梅对冲基金持有人在这笔交易中的胜利，该交易的结果一直受到许多人的怀疑。近年来，米高梅的许多其他股东和安克雷奇的一些客户质疑，作为电影制片厂负责人所带来的福利是否影响了乌尔里希在米高梅呆了这么久的看涨期权，这是安克雷奇历史上最长、最大的投资。</blockquote> After hiring a boutique public-relations firm to bolster his Hollywood profile, Mr. Ulrich became a frequent presence on red-carpet events and at Hollywood premieres. A film and television buff, he overrode concerns about the position’s size by his Anchorage co-founder, The Wall Street Journal has reported. In 2018, Mr. Ulrich and MGM’s board cut off early deal talks Gary Barber, then MGM’s chief executive, was having with&nbsp;Apple&nbsp;Inc.&nbsp;that would have valued MGM at more than $6 billion.<blockquote>在聘请了一家精品公关公司来提升他在好莱坞的形象后，乌尔里希成了红地毯活动和好莱坞首映式上的常客。据《华尔街日报》报道，作为一名电影和电视爱好者，他推翻了安克雷奇联合创始人对该职位规模的担忧。2018年，乌尔里希先生和米高梅董事会中断了时任米高梅首席执行官加里·巴伯(Gary Barber)与苹果公司(BlackRock Inc.)的早期交易谈判，该谈判对米高梅的估值将超过60亿美元。</blockquote> Several MGM shareholders said Wednesday it was possible those talks could have resulted in a similar deal with Apple or other bidders years earlier, had Mr. Barber been given leeway to proceed. Mr. Ulrich has told other shareholders and Anchorage clients over the years he thought the studio could fetch more.<blockquote>米高梅的几位股东周三表示，如果巴伯先生有继续进行的余地，这些谈判可能会在几年前与苹果或其他竞购者达成类似的交易。多年来，乌尔里希一直告诉其他股东和安克雷奇的客户，他认为工作室可以卖得更高。</blockquote> Still, longtime MGM investors on Wednesday, as well as newer shareholders, could claim strong returns on the deal. If the deal goes through, it could take months to be finalized.<blockquote>尽管如此，周三米高梅的长期投资者以及新股东可能会从这笔交易中获得丰厚的回报。如果交易成功，可能需要几个月的时间才能敲定。</blockquote> Major investors in MGM other than Anchorage include Highland Capital Management LP, Davidson Kempner Capital Management LP and Solus Alternative Asset Management LP. Those funds along with Anchorage converted debt they bought at a discount to equity during MGM’s 2010 restructuring.<blockquote>除安克雷奇之外，米高梅的主要投资者包括Highland Capital Management LP、Davidson Kempner Capital Management LP和Solus Alternative Asset Management LP。这些基金与安克雷奇一起转换了他们在米高梅2010年重组期间以折价购买的债务。</blockquote> Funds currently or formerly managed by Highland founder and MGM board member James Dondero scored more than $800 million in paper profits, said a person familiar with the trade. Some of the shares are held in vehicles managed by Highland Capital Management, the Dallas-based firm that filed for bankruptcy protection in 2019; Mr. Dondero is no longer involved with that firm. The rest of the MGM shares are held in other funds currently managed by Mr. Dondero, including two closed-end funds.<blockquote>一位知情人士表示，目前或以前由Highland创始人兼米高梅董事会成员James Dondero管理的基金账面利润超过8亿美元。部分股份由Highland Capital Management管理的工具持有，该公司总部位于达拉斯，于2019年申请破产保护；东德罗先生不再与那家公司有关系。其余的米高梅股份由东德罗先生目前管理的其他基金持有，包括两只封闭式基金。</blockquote> Highland’s Mr. Dondero said in a statement that increasing MGM’s reach over the past decade, including in scripted and unscripted television, “allowed us to be patient as we optimized the [value of MGM’s library] and evaluated potential transactions...Ultimately, the initial thesis came to fruition.”<blockquote>高地的东德罗先生在一份声明中表示，过去十年米高梅的影响力不断扩大，包括在有剧本和无剧本电视领域，“让我们在优化[米高梅图书馆的价值]并评估潜在交易时保持耐心……最终，最初的论文取得了成果。”</blockquote> Despite selling part of its stake last year, Solus, another large MGM shareholder and one-time board member, is sitting on paper profits of several hundred million, said a person familiar with the firm.<blockquote>一位知情人士表示，尽管米高梅的另一位大股东、前董事会成员Solus去年出售了部分股份，但仍坐拥数亿美元的账面利润。</blockquote> Other funds that have profited include Owl Creek Asset Management LP, Litespeed Management LLC, Canyon Capital Advisors LLC, Diameter Capital Partners LP, Venor Capital Management LP and Bardin Hill Investment Partners LP. Some funds started buying shares more recently and increased the size of their stakes last year.<blockquote>其他获利的基金包括Owl Creek Asset Management LP、Litespeed Management LLC、Canyon Capital Advisors LLC、Diameter Capital Partners LP、Venor Capital Management LP和Bardin Hill Investment Partners LP。一些基金最近开始购买股票，并在去年增加了持股规模。</blockquote> Shares of MGM have long been volatile. Deal rumors have been a factor in their movement, as has uncertainty about the future of moviegoing during the pandemic. Its private shares traded around $120 a share in 2018 in hopes of the Apple deal and were trading around $75 last October. The shares have soared over the past month, with the stock price reaching $155 Tuesday morning, traders said.<blockquote>米高梅的股价长期以来一直波动。交易谣言是他们运动的一个因素，疫情期间观影未来的不确定性也是如此。2018年，由于希望与苹果达成交易，其私募股权交易价格约为每股120美元，去年10月的交易价格约为75美元。交易员表示，该股在过去一个月飙升，周二上午股价达到155美元。</blockquote> “We hung on because it dropped precipitously after the board fired Gary [Barber]. We just felt it dropped too low,” said Chris Pucillo, founder of Solus, which manages $4.3 billion.<blockquote>管理着43亿美元资产的Solus创始人克里斯·普西洛(Chris Pucillo)表示：“我们之所以坚持下去，是因为在董事会解雇加里·巴伯(Gary[Barber])后，股价急剧下跌。我们只是觉得股价跌得太低了。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon Deal for MGM Marks Long-Awaited Win for Hedge Funds<blockquote>亚马逊收购米高梅标志着对冲基金期待已久的胜利</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon Deal for MGM Marks Long-Awaited Win for Hedge Funds<blockquote>亚马逊收购米高梅标志着对冲基金期待已久的胜利</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-05-27 16:55\n\n</h4>\n</header>\n<article>\nAnchorage Capital has made about $2 billion in paper profits with Amazon.com’s agreement to purchase the Hollywood studio<blockquote>Anchorage Capital通过亚马逊收购好莱坞电影制片厂的协议获得了约20亿美元的账面利润</blockquote> <img src=\"https://static.tigerbbs.com/b98baf712f8199ec014b471b1e6d6627\" tg-width=\"1260\" tg-height=\"840\">Amazon.com agreed to buy MGM for about $8.5 billion, including about $2 billion in debt.<blockquote>亚马逊同意以约85亿美元收购米高梅，其中包括约20亿美元的债务。</blockquote> Anchorage Capital Group,MGM Holdings&nbsp;Inc.’s&nbsp;largest shareholder, has made about $2 billion in paper profits with&nbsp;Amazon.comInc.’s&nbsp;agreement to purchase&nbsp;the famed Hollywood studio&nbsp;behind James Bond.<blockquote>米高梅控股公司(MGM Holdings Inc.)的最大股东安克雷奇资本集团(Anchorage Capital Group)因亚马逊(Amazon.comInc.)同意收购詹姆斯·邦德(JamesBond)背后的好莱坞著名工作室而获得了约20亿美元的账面利润。</blockquote> Anchorage is among a group of hedge funds that has been waiting a decade or more for a sale or public offering of the studio on the strength of its content library. They were rewarded with the agreement disclosed Wednesday by Amazon to&nbsp;buy MGM for about $6.5 billion, plus about $2 billion in debt.<blockquote>安克雷奇是一群对冲基金之一，这些基金已经等待了十年或更长时间，希望凭借其内容库的实力出售或公开发行该工作室。他们获得了亚马逊周三披露的协议，以约65亿美元收购米高梅，外加约20亿美元的债务。</blockquote> New York hedge fund Anchorage began telling investors about its potential profit Wednesday. Anchorage invested less than $500 million in 2010, making for an IRR, a return metric that takes into account the length of an investment, of about 16%.<blockquote>纽约对冲基金安克雷奇周三开始向投资者介绍其潜在利润。安克雷奇2010年的投资不到5亿美元，IRR（一种考虑投资期限的回报指标）约为16%。</blockquote> MGM’s soaring stock price because of the deal has taken the return of Anchorage’s flagship hedge fund from 8% to 18% this year, said a person briefed on Anchorage’s performance. Anchorage co-founder and MGM board chairman Kevin Ulrich had been negotiating with Amazon’s Mike Hopkins, senior vice president of Prime Video and Amazon Studios.<blockquote>一位了解安克雷奇业绩的人士表示，米高梅因这笔交易而飙升的股价使安克雷奇旗舰对冲基金今年的回报率从8%升至18%。安克雷奇联合创始人兼米高梅董事会主席凯文·乌尔里希(Kevin Ulrich)一直在与亚马逊Prime Video和亚马逊工作室高级副总裁迈克·霍普金斯(Mike Hopkins)进行谈判。</blockquote> The Amazon agreement represents a win for MGM’s hedge-fund holders in a deal whose outcome many doubted along the way. Many other MGM shareholders, and some Anchorage clients, questioned in recent years whether the perks that came with being a movie-studio chieftain influenced the&nbsp;call by Mr. Ulrich to stay so long with MGM, the lengthiest and largest investment in Anchorage’s history.<blockquote>亚马逊协议代表着米高梅对冲基金持有人在这笔交易中的胜利，该交易的结果一直受到许多人的怀疑。近年来，米高梅的许多其他股东和安克雷奇的一些客户质疑，作为电影制片厂负责人所带来的福利是否影响了乌尔里希在米高梅呆了这么久的看涨期权，这是安克雷奇历史上最长、最大的投资。</blockquote> After hiring a boutique public-relations firm to bolster his Hollywood profile, Mr. Ulrich became a frequent presence on red-carpet events and at Hollywood premieres. A film and television buff, he overrode concerns about the position’s size by his Anchorage co-founder, The Wall Street Journal has reported. In 2018, Mr. Ulrich and MGM’s board cut off early deal talks Gary Barber, then MGM’s chief executive, was having with&nbsp;Apple&nbsp;Inc.&nbsp;that would have valued MGM at more than $6 billion.<blockquote>在聘请了一家精品公关公司来提升他在好莱坞的形象后，乌尔里希成了红地毯活动和好莱坞首映式上的常客。据《华尔街日报》报道，作为一名电影和电视爱好者，他推翻了安克雷奇联合创始人对该职位规模的担忧。2018年，乌尔里希先生和米高梅董事会中断了时任米高梅首席执行官加里·巴伯(Gary Barber)与苹果公司(BlackRock Inc.)的早期交易谈判，该谈判对米高梅的估值将超过60亿美元。</blockquote> Several MGM shareholders said Wednesday it was possible those talks could have resulted in a similar deal with Apple or other bidders years earlier, had Mr. Barber been given leeway to proceed. Mr. Ulrich has told other shareholders and Anchorage clients over the years he thought the studio could fetch more.<blockquote>米高梅的几位股东周三表示，如果巴伯先生有继续进行的余地，这些谈判可能会在几年前与苹果或其他竞购者达成类似的交易。多年来，乌尔里希一直告诉其他股东和安克雷奇的客户，他认为工作室可以卖得更高。</blockquote> Still, longtime MGM investors on Wednesday, as well as newer shareholders, could claim strong returns on the deal. If the deal goes through, it could take months to be finalized.<blockquote>尽管如此，周三米高梅的长期投资者以及新股东可能会从这笔交易中获得丰厚的回报。如果交易成功，可能需要几个月的时间才能敲定。</blockquote> Major investors in MGM other than Anchorage include Highland Capital Management LP, Davidson Kempner Capital Management LP and Solus Alternative Asset Management LP. Those funds along with Anchorage converted debt they bought at a discount to equity during MGM’s 2010 restructuring.<blockquote>除安克雷奇之外，米高梅的主要投资者包括Highland Capital Management LP、Davidson Kempner Capital Management LP和Solus Alternative Asset Management LP。这些基金与安克雷奇一起转换了他们在米高梅2010年重组期间以折价购买的债务。</blockquote> Funds currently or formerly managed by Highland founder and MGM board member James Dondero scored more than $800 million in paper profits, said a person familiar with the trade. Some of the shares are held in vehicles managed by Highland Capital Management, the Dallas-based firm that filed for bankruptcy protection in 2019; Mr. Dondero is no longer involved with that firm. The rest of the MGM shares are held in other funds currently managed by Mr. Dondero, including two closed-end funds.<blockquote>一位知情人士表示，目前或以前由Highland创始人兼米高梅董事会成员James Dondero管理的基金账面利润超过8亿美元。部分股份由Highland Capital Management管理的工具持有，该公司总部位于达拉斯，于2019年申请破产保护；东德罗先生不再与那家公司有关系。其余的米高梅股份由东德罗先生目前管理的其他基金持有，包括两只封闭式基金。</blockquote> Highland’s Mr. Dondero said in a statement that increasing MGM’s reach over the past decade, including in scripted and unscripted television, “allowed us to be patient as we optimized the [value of MGM’s library] and evaluated potential transactions...Ultimately, the initial thesis came to fruition.”<blockquote>高地的东德罗先生在一份声明中表示，过去十年米高梅的影响力不断扩大，包括在有剧本和无剧本电视领域，“让我们在优化[米高梅图书馆的价值]并评估潜在交易时保持耐心……最终，最初的论文取得了成果。”</blockquote> Despite selling part of its stake last year, Solus, another large MGM shareholder and one-time board member, is sitting on paper profits of several hundred million, said a person familiar with the firm.<blockquote>一位知情人士表示，尽管米高梅的另一位大股东、前董事会成员Solus去年出售了部分股份，但仍坐拥数亿美元的账面利润。</blockquote> Other funds that have profited include Owl Creek Asset Management LP, Litespeed Management LLC, Canyon Capital Advisors LLC, Diameter Capital Partners LP, Venor Capital Management LP and Bardin Hill Investment Partners LP. Some funds started buying shares more recently and increased the size of their stakes last year.<blockquote>其他获利的基金包括Owl Creek Asset Management LP、Litespeed Management LLC、Canyon Capital Advisors LLC、Diameter Capital Partners LP、Venor Capital Management LP和Bardin Hill Investment Partners LP。一些基金最近开始购买股票，并在去年增加了持股规模。</blockquote> Shares of MGM have long been volatile. Deal rumors have been a factor in their movement, as has uncertainty about the future of moviegoing during the pandemic. Its private shares traded around $120 a share in 2018 in hopes of the Apple deal and were trading around $75 last October. The shares have soared over the past month, with the stock price reaching $155 Tuesday morning, traders said.<blockquote>米高梅的股价长期以来一直波动。交易谣言是他们运动的一个因素，疫情期间观影未来的不确定性也是如此。2018年，由于希望与苹果达成交易，其私募股权交易价格约为每股120美元，去年10月的交易价格约为75美元。交易员表示，该股在过去一个月飙升，周二上午股价达到155美元。</blockquote> “We hung on because it dropped precipitously after the board fired Gary [Barber]. We just felt it dropped too low,” said Chris Pucillo, founder of Solus, which manages $4.3 billion.<blockquote>管理着43亿美元资产的Solus创始人克里斯·普西洛(Chris Pucillo)表示：“我们之所以坚持下去，是因为在董事会解雇加里·巴伯(Gary[Barber])后，股价急剧下跌。我们只是觉得股价跌得太低了。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/amazon-deal-for-mgm-marks-long-awaited-win-for-some-hedge-funds-11622042905?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MGM":"美高梅","AMZN":"亚马逊"},"source_url":"https://www.wsj.com/articles/amazon-deal-for-mgm-marks-long-awaited-win-for-some-hedge-funds-11622042905?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131834354","content_text":"Anchorage Capital has made about $2 billion in paper profits with Amazon.com’s agreement to purchase the Hollywood studio\nAmazon.com agreed to buy MGM for about $8.5 billion, including about $2 billion in debt.\nAnchorage Capital Group,MGM Holdings Inc.’s largest shareholder, has made about $2 billion in paper profits with Amazon.comInc.’s agreement to purchase the famed Hollywood studio behind James Bond.\nAnchorage is among a group of hedge funds that has been waiting a decade or more for a sale or public offering of the studio on the strength of its content library. They were rewarded with the agreement disclosed Wednesday by Amazon to buy MGM for about $6.5 billion, plus about $2 billion in debt.\nNew York hedge fund Anchorage began telling investors about its potential profit Wednesday. Anchorage invested less than $500 million in 2010, making for an IRR, a return metric that takes into account the length of an investment, of about 16%.\nMGM’s soaring stock price because of the deal has taken the return of Anchorage’s flagship hedge fund from 8% to 18% this year, said a person briefed on Anchorage’s performance. Anchorage co-founder and MGM board chairman Kevin Ulrich had been negotiating with Amazon’s Mike Hopkins, senior vice president of Prime Video and Amazon Studios.\nThe Amazon agreement represents a win for MGM’s hedge-fund holders in a deal whose outcome many doubted along the way. Many other MGM shareholders, and some Anchorage clients, questioned in recent years whether the perks that came with being a movie-studio chieftain influenced the call by Mr. Ulrich to stay so long with MGM, the lengthiest and largest investment in Anchorage’s history.\nAfter hiring a boutique public-relations firm to bolster his Hollywood profile, Mr. Ulrich became a frequent presence on red-carpet events and at Hollywood premieres. A film and television buff, he overrode concerns about the position’s size by his Anchorage co-founder, The Wall Street Journal has reported. In 2018, Mr. Ulrich and MGM’s board cut off early deal talks Gary Barber, then MGM’s chief executive, was having with Apple Inc. that would have valued MGM at more than $6 billion.\nSeveral MGM shareholders said Wednesday it was possible those talks could have resulted in a similar deal with Apple or other bidders years earlier, had Mr. Barber been given leeway to proceed. Mr. Ulrich has told other shareholders and Anchorage clients over the years he thought the studio could fetch more.\nStill, longtime MGM investors on Wednesday, as well as newer shareholders, could claim strong returns on the deal. If the deal goes through, it could take months to be finalized.\nMajor investors in MGM other than Anchorage include Highland Capital Management LP, Davidson Kempner Capital Management LP and Solus Alternative Asset Management LP. Those funds along with Anchorage converted debt they bought at a discount to equity during MGM’s 2010 restructuring.\nFunds currently or formerly managed by Highland founder and MGM board member James Dondero scored more than $800 million in paper profits, said a person familiar with the trade. Some of the shares are held in vehicles managed by Highland Capital Management, the Dallas-based firm that filed for bankruptcy protection in 2019; Mr. Dondero is no longer involved with that firm. The rest of the MGM shares are held in other funds currently managed by Mr. Dondero, including two closed-end funds.\nHighland’s Mr. Dondero said in a statement that increasing MGM’s reach over the past decade, including in scripted and unscripted television, “allowed us to be patient as we optimized the [value of MGM’s library] and evaluated potential transactions...Ultimately, the initial thesis came to fruition.”\nDespite selling part of its stake last year, Solus, another large MGM shareholder and one-time board member, is sitting on paper profits of several hundred million, said a person familiar with the firm.\nOther funds that have profited include Owl Creek Asset Management LP, Litespeed Management LLC, Canyon Capital Advisors LLC, Diameter Capital Partners LP, Venor Capital Management LP and Bardin Hill Investment Partners LP. Some funds started buying shares more recently and increased the size of their stakes last year.\nShares of MGM have long been volatile. Deal rumors have been a factor in their movement, as has uncertainty about the future of moviegoing during the pandemic. Its private shares traded around $120 a share in 2018 in hopes of the Apple deal and were trading around $75 last October. The shares have soared over the past month, with the stock price reaching $155 Tuesday morning, traders said.\n“We hung on because it dropped precipitously after the board fired Gary [Barber]. We just felt it dropped too low,” said Chris Pucillo, founder of Solus, which manages $4.3 billion.","news_type":1,"symbols_score_info":{"MGM":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":477,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/132419231"}