EMA Closes $50 Million Credit Facility to Fund Upcoming Movies
The money will be used to expand the 'Celeste and Jesse Forever' producer's film slate.
U.S. indie studio Envision Media Arts has closed a $50 million credit line with National Bank of Canada.
The bridge facility will enable the Los Angeles-based company to finance and package movies in the $5 million to $25 million range. EMA also hired former banker lender Wendy Moore as vp finance to oversee the indie's project financing.
Movies in the works at EMA includes Waco, based on the 1993 Waco, Texas, siege; Red Ice, a thriller with Dennis Iliadis attached to direct; and the romantic comedy Committed, written by Claudia Grazioso. EMA also is doing an animated family movie based on the iconic Pez candy dispenser, which will be penned by Cameron Fay.
"Although we have many great films in development, we are actively looking to expand our slate," EMA CEO Lee Nelson said Wednesday in a statement. Earlier EMA releases include Henry Joseph Church, starring Britt Robertson and Eddie Murphy, and the 2012 Sundance title Celeste and Jesse Forever, directed by Lee Toland Krieger and starring Rashida Jones, Andy Samberg and Emma Roberts.