More money for Starz's Overture
EmptyStarz's Overture Films has completed $325 million in long-term film slate financing agreements.
The finance package includes a $225 million credit facility provided by a group of banks led by JPMorgan and CIT Group, plus $100 million of mezzanine financing and equity provided by Starz parent company Liberty Media.
The arrangements will ensure all the financing Overture needs to acquire and produce the eight to 12 motion pictures a year that it has targeted.
"Liberty and Starz have proven to be the perfect long-term strategic partners Overture needed," Overture CEO Chris McGurk said. "Overture has a unique competitive advantage with complete film financing and fully integrated distribution in all media worldwide firmly in place. This enables us to focus our energies on finding great film projects and then helping the actors, producers and directors we work with to do what they do best: create compelling and innovative films."
Added JPMorgan Securities managing director Clark Hallren, "We are pleased to have arranged this financing for Overture and look forward to supporting them as they build their company."
Overture's first release hits theaters next week with the comedy "Mad Money," directed by Callie Khouri and starring Diane Keaton, Queen Latifah and Katie Holmes as three employees of the Federal Reserve who plot to steal money that is about to be destroyed.
Carl DiOrio in Los Angeles contributed to this report.