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Ronald Perelman's 600+ mil gamble: Panavision

By Stone Martindale Dec 4, 2006, 2:07 GMT

Billionaire Ronald Perelman has been in the news lately, mainly over his high profile divorce from ex wife actress Ellen Barkin, and the ensuing jewelry fire sale and ugly scenes in New York restaurants during chance encounters. Perelman, a few years back, took a big chance on Panavision, the manufacturer of film and televison cameras and equipment, investing 600+ million dollars, and now is the majority owner of the Woodland Hills, CA based company.Things were bad for the iconic camera maker, with heavy debt and challenges with new digital technology affecting their core business. Management was re-jigged and now the company is solidly back on two feet, hiring new workers thanks in part to a new camera (The Genesis) and a revamped staff.The company also recently acquired Plus 8 digital, a digital camera rental company, and AFM Group, a British lighting and camera company to add to their suite of services."I'm thrilled with the changes." Said Perelman in an interview with the Los Angeles Times.

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