Saudi Arabia interested to invest in Hollywood agency

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The Public Investment Fund of Saudi Arabia is seemingly in talks to invest in WME, the holding company of Hollywood talent agency Endeavor. As per business website Bloomberg, initial discussions had taken place to invest $500m in the company.

The funds are said to be used to support the agency owned by actors Matt Damon and Ben Affleck, and allow them to expand their operations. It is reported that the stake could vary between five and 10 per cent, however, the ultimate valuation and size is in the process of being negotiated.The parent company Endeavor was valued at $6.3 billion including debt when it raised money last year in August.

The discussions about the supposed investment have surfaced after the end of a decades-long ban on cinemas in Saudi Arabia.