Upstart indie distributor A24 said today it has secured a $50 million line of credit from Comerica and Union Bank of California. It said it will use the facility to “build out its core film distribution business and finance initiatives in complimentary industry verticals.” The company is coming off a busy Toronto where it acquired Noah Baumbach’s While We’re Young starring Ben Stiller and Naomi Watts for $4M. It was a big get for A24, which has been chasing Baumbach since the distrib didn’t get Frances Ha.
“A24 has quickly claimed a unique place in the marketplace and demonstrated the ability to repeatedly craft compelling distribution campaigns that are innovative on multiple levels,” said Todd Steiner, a VP in Comerica’s Entertainment Group. “We are pleased that we can help support their current business endeavors, and we look forward to being a part of their continued growth.”
A24 has an interesting list of credits including JC Chandor’s A Most Violent Year, which is opening AFI Fest and is an awards play with Oscar Isaac and Jessica Chastain toplining; Kevin Smith’s horror pic Tusk; and the breakout indie hit Obvious Child, which it acquired at Sundance, to name a few.