Alcon raises $550 million

From Times Wire Services

Alcon Entertainment, backed by FedEx Corp. founder Fred Smith, raised $550 million to produce a slate of films in a deal arranged by CIT Group Inc. and JPMorgan Chase & Co.

Alcon, maker of "P.S. I Love You," also completed a five-year financing and distribution agreement to make 15 films for domestic distribution through Warner Bros., the Los Angeles company said.

The distribution deal includes "The Sisterhood of the Traveling Pants 2," which will reach theaters in August, the company said.

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