Mubadala to buy Raine Group stake

Mubadala Development, the strategic investment arm of the Abu Dhabi Government, is to buy a 9 per cent stake in The Raine Group, an investment bank specialising in media, entertainment and sport. Raine was founded last year by Joe Ravitch, a former managing director for media at Goldman Sachs, and Jeff Sine, a former vice chairman of investment banking and global head of technology, media and telecoms at UBS. Raine has offices in New York, Los Angeles and Beijing.

It also has a partnership with William Morris Endeavor (WME), one of the world's largest entertainment agencies. WME was formed last year by the merger of the nearly century-old William Morris Agency and Endeavor Talent Agency, founded by Ari Emanuel, the inspiration for the fast-talking talent agent Ari Gold on the television series Entourage. Mubadala and WME will be investors in Raine along with the private equity pioneer Ted Forstmann.

"We are delighted to have Mubadala as our partner," Mr Ravitch said. "Their global presence and pre-eminent position in the region makes them an ideal partner for an industry full of opportunities around the world, and particularly in emerging markets such as the Middle East and Asia." @Email:khagey@thenational.ae