Kevin Ulrich’s Anchorage Capital Group is set to make a profit of about $2 billion in the sale of movie company Metro-Goldwyn-Mayer to Amazon.com Inc., Bloomberg News reported. The investment firm reportedly holds a roughly 30% stake in the company that’s worth about $2.5 billion in the sale. Anchorage invested around $500 million in MGM over a decade ago and helped restructure the company in bankruptcy. Including the MGM investment, Anchorage’s flagship fund is up 18% this year. The fund has gained about 8% in 2021 not counting the movie studio. Anchorage, MGM’s largest shareholder, took ownership of the company with other investors as part of a 2010 bankruptcy agreement that erased about $4 billion in debt. Amazon on Wednesday agreed to acquire the movie studios for $8.45 billion.
