The Tribeca Film Festival is underway in New York City and although it boasts an "indie" film appeal, private equity and hedge fund investors are looking to bank on its marketability. CNBC's Hollywood reporter Julia Boorstin reports from the event.
The festival was launched in 2002 by actor/director Robert De Niro, Jane Rosenthal, and Craig Hatkoff in an attempt to revitalize the festival's namesake downtown neighborhood -- where De Niro works and lives -- after the economic devastation of 9/11.
In its first year, the film festival -- which also includes music and cultural activities -- generated about $10 million in economic activity for the cause. Last year, it had grown to $120 million.