Elliott’s Hollywood gamble
Wed Sep 22, 2010
Paul Singer is using his sharp elbows to take on
the movie industry, but has he met his match?
In his now infamous second-quarter 2010 investor letter,
Paul Singer, founder and chief executive of $17 billon New York
hedge fund firm Elliott Management, made a seemingly innocuous
announcement about one of his equity investments: "Relativity
Media has announced the appointment of Michael Joe as
president." A 15-year executive at the California motion
picture company Universal, Joe had most recently been its chief
Headquartered on Beverly Boulevard in Los Angeles, Relativity
is a media and entertainment company founded by Ryan Kavanaugh,
in which Elliott has a significant investment. Joe's
appointment had film insiders speculating he had been brought
in at the behest of Elliott as part of an effort to turn the
company around. But those close to Kavanaugh and Elliott say it
was Kavanaugh who pushed for Joe, as he was keen to build up
the firm's senior management and get into the film studio
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