Business Briefs: Weinstein Co., Federated, Platinum Equity, Metro-Goldwyn-Mayer

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& #8226;

One month after leaving


Walt Disney Co.

‘s Miramax Films, Bob and Harvey Weinstein said they have raised $490 million in private equity to fund the start-up of their new media company. Goldman Sachs Group Inc., GLG Partners, Perry Capital, Quinta Communications SA, Softbank Corp., Societe Television Francaise 1, WPP Group PLC and Vivi Nevo are investors,


The Weinstein Co.

said in a statement.


The company, which is based in New York and has offices in Los Angeles and London, will handle its own marketing and distribution in the U.S. and will be announcing its distribution in other media and markets in the near future.



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Federated Department Stores Inc., the operator of Macy’s and Bloomingdale’s, said it will divest itself of six more stores starting next year as a result of its merger with May Department Stores Co. The only local store included in the latest announcement will be a Macy’s in Thousand Oaks at The Oaks mall, a 149,000-square-foot store opened in 1983 and has 57 employees.


Federated previously announced 76 locations it plans to divest beginning in 2006 due to Macy’s and May Co. stores operating in the same shopping center. Monday’s additions to the list bring the total to 82, with sales of $2.2 billion last year. Federated said it continues to review its portfolio of stores and may make further adjustments.



& #8226; Platinum Equity Group

signed an agreement to acquire Amherst, N.Y.-based ESM Group Inc., a provider of products and services to the steel industry, from Dusseldorf, Germany-based Degussa AG. Financial details were not disclosed. Degussa divested ESM to focus on the company’s core specialty chemicals business, said the Beverly Hills-based acquisition firm owned by billionaire Tom Gores. In fiscal 2004, ESM had 275 employees and generated sales of about $150 million. The transaction is expected to be completed by the end of November.



& #8226; Metro-Goldwyn-Mayer Inc.

named Harry E. Sloan its new chairman and chief executive. Sloan, who has invested in and headed SBS Broadcasting, Lions Gate Entertainment Corp. and New World Entertainment, will also invest in MGM and become part of the ownership group, L.A.-based MGM said in a statement. Sloan stepped down from his position as executive chairman of SBS Broadcasting upon the completion of its sale on Oct. 19.

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