By Patrick Hipes Executive Managing Editor Crescent Drive Media, an investment company run by Paradigm boss Sam Gores’ brother Tom Gores, has taken an “ownership interest” in the agency, shoring up finances at the company hard hit by the coronavirus crisis.
No terms of the deal were disclosed Thursday, but the new ownership block that now includes the brothers said it has retained former Warner Bros TV boss and Television Academy chairman and CEO Bruce Rosenblum as an adviser. “This is one of several important steps that put us in a financial position not only to weather this crisis, but to invest in future growth,” Sam Gores said today in a note to his Paradigm staff announcing the moves (read the memo below).
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