DLA Piper represented Raven Capital Management in its US$87.5 million acquisition of certain assets of Academy Award®-winning Hollywood studio Open Road Films.
Open Road Films was launched in 2011 as a joint venture between Regal Entertainment and AMC Entertainment before being acquired by Donald Tang’s Tang Media Partners in August 2017 and merging with IM Global to form Global Road. Open Road Films declared Chapter 11 bankruptcy in September 2018.
The Open Road film library includes such notable films as Best Picture Oscar®-winner Spotlight, Bleed for This, Chef, Dope, End of Watch, The Grey, Homefront, Killer Elite, Marshall, Nightcrawler, The Nut Job, Side Effects, Snowden and Triple 9. The acquired library has an aggregate worldwide box office of US$1.3 billion.
Raven has steadily built a prolific film library to monetize and build an entertainment enterprise around. Prior to acquiring Open Road, Raven teamed with AMBI Media Group to acquire the lucrative Exclusive Media Group library from a Dutch-based investment fund Dasym Investment Strategies. This deal gave Raven the rights to approximately 400 titles covering an incredibly diverse portfolio of critical hits, commercial blockbusters and cult favorites such as Begin Again, Cruel Intentions, Donnie Darko, End of Watch, Ides of March, Hit & Run, Memento, The Mexican, Parkland, Rush, The Skulls, Sliding Doors, Snitch, Undefeated and The Way Back.
Robert J. Sherman, Finance partner and co-chair of the firm's Entertainment Finance practice based in Los Angeles, led the legal team for the deal. The team also included associates Gregory Young, Daniel Zar and Katherine Imp (all of Los Angeles). Sherman has represented Raven for many years as the firm has continued to grow and expand its portfolio and teamed with Tom Ara, co-chair of DLA Piper's Entertainment Finance and Entertainment Transactions practices, on Raven and AMBI's joint acquisition of the Exclusive Media Group library.
Sherman represents banks, debt and private equity funds and other lenders, and investors in debt and equity financings as well as domestic and cross-border M&A transactions, joint ventures, and strategic transactions across a range of sectors, with a substantial focus on transactions in the media and entertainment industries.
DLA Piper represents Raven Capital Management in all film and television financing and investment transactions, including its financing of a slate of independent films with Sculptor Media.