BREAKING: Alcon Entertainment, the financing and production company behind the upcoming Point Break, and titles Dolphin Tale and The 33, is extending its long-standing output deal with Warner Bros. through 2019. Alcon has also arranged for a $200 million senior secured credit facility via finance transaction involving a bank syndicate led by JP Morgan Chase, CIT Bank and Bank of America. Under terms of the new deal, the studio will release a minimum of 10 new films starting with the Nov. 13th release of the Chilean miner movie The 33, which has already bowed internationally in certain markets. That will be followed by Point Break on Christmas Day.
Alcon will have the option to distribute its pictures internationally through Warner Bros., but also has the flexibility instead to pre-sell rights through its long-standing partner, Lionsgate International.
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The company is also currently in principle photography on the road trip comedy Bastards, starring Owen Wilson and Ed Helms, and is in pre-production on a sequel to Blade Runner, with Ryan Gosling in negotiations to star with Harrison Ford. Denis Villeneuve is directing, Ridley Scott is Executive Producing.
Alcon and the studio have been in business for 17 years, since 1998, shortly after the company was founded so the extension of its deal while not guaranteed is not surprising. It is the fifth time the two companies have extended their agreement. Alcon, while misstepping badly with the Johnny Depp-starring Transcendence, has had a fairly decent track record over the years producing such family fare as My Dog Skip to The Blind Side. The company was founded in 1997.
Alcon’s relationships with JPM Chase and Bank of America dates back to 2001 when Alcon initiated its borrowing base facility. The companies continued their affiliations and significantly increased their business together 2008 with their first structured financing deal in 2008, where CIT Bank became a co-lead.
“Andrew, Broderick and Alcon have been great partners to Warner Bros.,” said Kevin Tsujihara, Chairman and CEO, Warner Bros. in a statement. “Their films are always great additions to our slate, and I’m very glad they’ll continue to be a part of the Warner Bros. family for years to come.”
Alcon’s COO, Scott Parish, along with its outside counsel, Scott Edel of Loeb and Loeb negotiated both the WB and the new bank deals.
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