Media
Blackstone(BX) and JPMorgan Chase (JPM) plan to raise more than $1 billion to fund the conversion of up to 20,000 U.S. cinema screens to digital projection systems, in a deal to be announced on Wednesday, the Financial Times reports on its Web site.
Blackstone and JPMorgan are arranging the financing for a consortium made up of the three largest U.S. cinema chains, which has done a deal with five Hollywood studios, FT.com reports, citing a person familiar with the situation. Lions Gate (LGF)has joined Walt Disney(DIS), Paramount Pictures, a unit of Viacom(VIA), 20th Century Fox, a unit of News Corp.(NWS), and NBC Universal's Universal Pictures in signing up to the consortium's plan, FT.com reports. The Digital Cinema Implementation Partners consortium is made up of AMC Entertainment, Cinemark(CNK) and Regal Entertainment(RGC). The consortium has been in talks with the studios for several months over how to structure the costly conversion to digital cinema.TheStreet Premium Services
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