Cannes: Dean Devlin's Electric Entertainment Secures $50 Million in Funding
Dean Devlin's Electric Entertainment has secured $50 million in a combination of corporate and production credit facilities from First Republic Bank.
The funds will assist Electric Entertainment's expanding operations in TV and feature film production along with its worldwide sales and distribution arm.
The company is currently developing TNT series The Librarians, based on the popular series of made-for-TV films. Starring Rebecca Romijn and John Laroquette, the show began shooting in April. The series is being sold internationally by Electric's new sales and distribution division and is slated to premiere on TNT later this year.
Electric Entertainment, along with Skydance Productions, is producing Devlin's directorial debut, Geostorm, with Gerard Butler to star. Warner Bros. recently acquired the project and has scheduled it for release on March 25, 2016.
"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 Electric CFO Jeff Gonzalez.
Electric's international sales and distribution division, which launched last year at the American Film Market, most recently acquired international sales rights to SXSW films Kelly & Cal, audience award winner Before I Disappear and Terrence Malick-produced The Better Angels, all of which will be available at the Marche du Film in Cannes.
Electric is also selling John Slattery's directorial film God's Pocket starring Philip Seymour Hoffman, which IFC Films is releasing in North America in May, as well as The Wannabe, which is executive produced by Martin Scorsese, Dean Devlin and Traction Media and stars Patricia Arquette.