James Murdoch is getting into business with Robert De Niro to help the owner of the storied Tribeca Film Festival expand.
Murdoch’s Lupa Systems led a consortium to acquire a controlling stake in Tribeca Enterprises, the companies said in a joint statement. Lupa and Attention Capital, co-founded by former Fox executive Joe Marchese, will partner with Tribeca’s management to expand the business they’re buying from investors including Madison Square Garden Co. and festival co-founder Craig Hatkoff.
“Our new partnership with James and Joe will bring valuable expertise as Bob and I look to scale and strategically grow Tribeca,” said Jane Rosenthal, chief executive officer and co-founder of Tribeca Enterprises, who will continue to lead management and strategic development.
The deal adds to investments by Lupa Systems, the technology and media fund founded by the younger son of billionaire Rupert Murdoch. James Murdoch left his family’s businesses after Walt Disney bought most of 21st Century Fox this year for $US71 billion ($105 billion), with his older brother, Lachlan, now running the smaller Fox Corp.