First Media Trust backs global biz

January will see the launch of the first London-based public investment trust dedicated solely to the global media business.

First Media Investment Trust Pic is looking to raise between £40 million ($62 million) and £100 million ($155 million), which will be used to take stakes in quoted and unquoted media companies all around the world.

It is being set up by London-based stockbroker Raphael Zorn Hemsley in partnership with media consultant John Scaife and former banker William D’Arcy.

In the first two years, they expect to make around 40% of their investments in the U.S., and the remainder in Europe.

According to Scaife, they already have commitments for backing from some financial institutions, on which basis he estimates the fund eventually will raise just more than $80 million.

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