Skydance Raises $700 Million in Funds for Film, TV Projects
David Ellison's company raised a $500 million line of credit and $200 million in equity from existing shareholders.
Skydance Media has raised $700 million of financing for film, TV and interactive projects. This includes a $500 million line of credit and $200 million in equity from a consortium of existing shareholders.
"We appreciate the incredible support that Skydance continues to receive from J.P. Morgan Chase, our bank group and our investors. It is a testament to the immense amount of work and focus that our entire team has contributed to the business over the last few years," said a statement from David Ellison, founder and CEO of Skydance Media. "As we move into this next phase of expansion, we look forward to working with our highly valued stable of artists and strategic partners to grow the Skydance brand on a global basis."
Ellison, who is the son of Oracle's executive chairman Larry Ellison, founded Skydance in 2010. The company has produced 10 feature films, including Terminator Genisys, Jack Reacher and World War Z. Skydance's upcoming projects include Star Trek Beyond, with Paramount, on July 22, 2016; Jack Reacher: Never Go Back, with Paramount, on Oct. 21, 2016; Geostorm, with Warner Brothers, on Jan. 13, 2017; and Life, with Sony, on March 24, 2017.
Skydance Television was launched in 2014 and is currently slated to produce four original series, including Grace and Frankie and Altered Carbon on Netflix, Red Mars on Spike TV and Jack Ryan on Amazon.
The new credit facility was arranged by the company and J.P. Morgan Chase.