Billionaire Allen Expands Entertainment Empire

By Sushuma February 25, 2000 6:53 PM

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(Variety)-Billionaire Paul Allen is expanding his entertainment empire across the Atlantic.?Clear Blue Sky Productions, his Seattle-based film company, has entered into a long-term alliance with the UK's Renaissance Film.?The alliance brings together two indies with unusually deep pockets.?Clear Blue Sky is banrolled by Allen, co-founder of Microsoft and an investor in DreamWorks.?Renaissance raised equity last year from Hermes Investment Management to the tune of $40 million - the largest sum ever committed to a British film company by a London institution.?The partners have struck a 3-year deal to produce and co-finance a minimum of 5 films, with Renaissance handling worldwide sales.

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