Byron Allen’s Entertainment Studios said it has raised $500 million in credit facilities organized by Deutsche Bank Securities, Jefferies Financial Group, Brightwood Capital Advisors and Comerica Bank. The loan was syndicated to a large group of lenders, who collectively manage more than $500 billion.
Allen distributes film and TV, with 41 shows on the air, and is owner of eight 24-hour HD television networks — including the recently purchased The Weather Channel for a reported $300 million. Recent film releases have includes 47 Meters Down, Chappaquiddick and Hostiles. The $500 million in credit facilities will be used for general business purposes, production, co-productions and the acquisition of other corporations.
“As we celebrate our 25th anniversary, this additional capital positions us for further investments and acquisitions,” Allen said in a statement. “More importantly, this group of lenders have provided us with the financial backing and capacity to increase the credit line and make large-scale acquisitions, which is a major part of our strategy going forward.”
Allen’s Entertainment Studios divisions — with approximately 650 employees — now include broadcast television syndication, production, and distribution of more than 41 television programs, eight television networks, theatrical motion picture production, acquisition and worldwide-release distribution, digital movie acquisition and distribution, OTT platforms, and global news publishing. That makes Entertainment Studios one of the largest privately held media and technology companies in the world.
Allen 100% owns Entertainment Studios, launched from his dining room table 25 years ago.