LOS ANGELES (Reuters) – Billionaire media mogul Haim Saban’s Saban Capital Group on Wednesday said it formed a new unit called Saban Brands LLC, which will dedicate more than $500 million to buying brands that resonate with consumers.
“As media and consumer options become increasingly fragmented and proliferated, our underlying thesis is that properties that resonate with consumers today will only become more meaningful over time,” Saban said in a statement.
Adam Chesnoff, president and chief operating officer of Saban Capital, said the group will make an acquisition of a well-known brand in the next few weeks.
“We are pursuing a number of brands and hope to make =our first announcement very shortly,” he told Reuters.
He said the group was looking into brands in the apparel and content business.
Saban Capital was formed in 2001 by Saban, founder of Fox Family Worldwide, which he owned in partnership with News Corp (NWSA.O) until its sale to Walt Disney Co (DIS.N) for about $2.9 billion. (Reporting by Sue Zeidler; Editing by Steve Orlofsky)