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Carlyle Group Buys Loews Cinema, Other Telecoms

HeadlineJun 23, 2004

The defense investment firm Carlyle Group has purchased a portion of Loews Cinema for $2 billion. Carlyle Group is an investment firm with close ties to the Bush administration and the Saudi royal family. The former president Bush once served as an advisor. The current President Bush once headed a Carlyle-owned company. The sale coincidentally was announced just before the opening of Michael Moore’s new film Fahrenheit 9/11 which examines Bush-Saudi ties as well as the Caryle Group. On Tuesday the motion picture film board rejected an effort by Moore to have his documentary rated PG-13 instead of R. The Washington Post also reports Carlyle Group has recently been buying up numerous major assets in the telecommunications industry including DDI, one of Japan’s largest wireless data providers, the satellite network owner PanAmSat, and the phone directory company Dex Media. Carlyle is also attempting to buy Verizon’s contract for local phone business in Hawaii.

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