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exclusiveBusiness

SSS Entertainment Closes $20M Credit Facility Via Louisiana’s Red River Bank

EXCLUSIVE: Shaun Sanghani’s SSS Entertainment, producer of films such as the upcoming, Al Pacino-starring World War II drama Axis Sally, has closed a $20 million revolving credit facility with Louisiana-based Red River Bank. SSS Film Capital, a newly created unit, will leverage the new funds for secured and unsecured debt positions on upcoming projects. Founded in 2007, SSS has backed about 30 film and TV titles to date, including King Cobra, the Bruce Willis-starring 10 M… Read

Business

Legion M: David Baxter Promoted To VP Of Development

Legion M David Baxter

Legion M, billed as the world's “first fan-owned entertainment company,” has promoted David Baxter to vice president of development, where he will oversee the company’s development slate of film, television, and VR projects with COO and head of content, Terri Lubaroff. Baxter has been in the spotlight in recent days as a key event producer of the high-profile Star Lee tribute scheduled for Wednesday at the TCL Chinese Theatre in Hollywood. The event will be hosted by… Read

breakingBusiness

Meshulam Riklis Dies: Pia Zadora Husband, Billionaire Involved In Golden Globes Scandal Was 95

Meshulam Riklis, a billionaire businessman best known as the husband of actress Pia Zadora and the fulcrum of a Golden Globes scandal in the 1980s, has died in a Tel Aviv hospital, according to his family. He was 95. Riklis was accused of lavishly wooing members of the Hollywood Foreign Press Association in advance of the 1982 Golden Globes, sponsoring a junket two months before the event to his Riviera Hotel and Casino in Las Vegas and a major press luncheon and… Read

breakingBusiness

Leonardo DiCaprio Testifies To Federal Grand Jury In Malaysian Fund Probe: Report

Leonardo DiCaprio has reportedly secretly testified before a Washington, DC grand jury as part of a federal investigation into a Malaysian government investment fund. The case, which involves some of the highest members of the Malaysian government and some major U.S. investors, centers on financier Low Taek Jho. Low allegedly stole and laundered billions of dollars from the investment fund, then financed a lobbying campaign to end the federal investigation. The Read

exclusiveBusiness

Mimran Schur Takes Co-Fi Stakes In Sony’s ‘Holmes & Watson’ And ‘Bloodshot’

Mimran Schur

EXCLUSIVE: In a strong eight-figure commitment, Mimran Schur Pictures has taken a minority co-financing stake on two upcoming Sony Pictures Entertainment films. Mimran Schur has come aboard to co-finance Holmes & Watson, the Etan Cohen-directed comedy that stars Will Ferrell and John C. Reilly and opens December 25. The other film is Bloodshot, the Valiant Comics adaptation that stars Vin Diesel in his first live action superhero turn, directed by Blur Studios' Dave… Read

breakingBusiness

Franklin Leonard Announces The Black List Is Raising A Film Fund

Franklin Leonard used the prominent stage of the Wall Street Journal’s Tech D.Live conference to announce he’s raising a film fund to produce some of the exceptional screenplays submitted to The Black List. The Black List’s annual survey of Hollywood executives’ favorite unproduced screenplays has a proven track record for finding compelling stories. Black List movies have won 53 Academy Awards and garnered 262 nominations, including four of the last 10 Best Picture… Read

breakingBusiness

Steven Quale Will Direct Aquatic Thriller ‘Alphas’ For Voltage Pictures

Steven Quale (Into the StormAliens of the Deep) is set to direct the upcoming aquatic thriller Alphas, based on the screenplay by Frank Hannah (The Cooler). The deep sea epic centers on a school of great white sharks terrorizing a coastal town. The only hope is a damaged killer whale who has been in solitary confinement for years after killing its trainer. Producers include Academy Award-winning Nicolas Chartier (The Hurt LockerWind River) for Voltage Pictures, Pierre… Read

International

Filmula & E Stars To Finance Movies For China Distribution – AFM

USA China

Johnny Lin’s Filmula and Allen Liu‘s E Stars are teaming to finance U.S. and international movies for distribution in China, the parties said at AFM today. Filmula will produce and co-finance with E Stars films ranging from commercial tentpoles to Oscar-driven material for E Stars to distribute. The deal also will incorporate Indian financing., they said. Lin was an executive producer of the Tom Cruise crime thriller American Made and, through his relationship with Brian… Read

exclusiveFilm

Saudi Banking Scandal Movie ‘Billion Dollar Mirage’ Moving Forward At Name Lending Films

Billion Dollar Mirage

EXCLUSIVE: Newly formed production company Name Lending Films has set its inaugural project, Billion Dollar Mirage, with secured funding from aX Films and other private equity. The feature adaptation is based on the yet-to-be-released autobiography, Never Do Business With Princes or Kings, by American banker Glenn Stewart. Set in Saudi Arabia and Bahrain, the film centers on one of the largest financial scandals in history. T.Y. Kim is attached to pen the screenplay… Read

Business

‘Fortnite’ Maker Epic Games Raises $1.25 Billion In New Funding

Epic Games, the maker of top-selling videogame Fortnite, has raised $1.25 billion in new funding from investors including KKR, Iconiq Capital and Smash Ventures. Disney and Endeavor are among those with small stakes in Epic. Chinese conglomerate Tencent owns 40% of the company, which was valued by Bloomberg over the summer at between $5 billion and $8 billion. Fortnite has been a breakthrough for the gaming sector, drawing tens of millions of players through a… Read

Business

Open Road Fetches Stalking-Horse Bid In Runup To Bankruptcy Auction

Open Road, the latest independent film company to hit the rocks, has received a “stalking-horse” bid of $87.5 million in Delaware bankruptcy court from a buyer identified as “OR Acquisition Co.” According to court documents, the bid is backed by New York-based private equity firm Raven Capital Management. The firm’s principal, James Masciello, already has some involvement in the film industry. Raven provides financing for Sculptor Media and Masciello is among the… Read

Business

UTA And Valence Media’s MRC Form TV Production And Finance Venture Civic Center Media

UTA MRC

Deepening the investment of Hollywood agencies in content production, United Talent Agency has teamed with Valence Media and its Media Rights Capital subsidiary on a joint venture to be called Civic Center Media. The new entity, in which UTA will hold an undisclosed minority stake, will develop, produce and finance premium TV series. Financial terms were not revealed, and the announcement of the venture said a search is under way for an executive to lead it. The… Read