The $50M in corporate and production credit facilities Electric Entertainment announced this morning will give the company immediate access to capital in order to expand across its production, sales and distribution operations. The funds are made available by First Republic Bank. Headed by Dean Devlin, Electric is busy in both film and TV with several feature projects being repped here in Cannes by Head of International Distribution Sonia Mehandjiyska. It’s also currently shooting TNT series The Librarians which is due to air later this year and Devlin himself is in pre-production on his feature directorial debut Geostorm. “We needed a partner who understood the complexities of both television and feature film production as well as the knowledge of foreign sales to help structure debt facilities that best suits Electric’s expanding business and we found this with First Republic Bank,” said Jeff Gonzalez, Electric’s CFO. Electric’s Cannes slate includes SXSW debuts Kelly & Cal and Before I Disappear; the Terrence Malick-produced The Better Angels; John Slatttery’s God’s Pocket; and The Wannabe, exec produced by Martin Scorsese, Devlin and Traction Media with Patricia Arquette, Vincent Piazza and Michael Imperioli starring.
Cannes: Dean Devlin’s Electric Entertainment Secures $50M Credit Facilities
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