Sony Closes Deal With Citigroup, LStar Capital to Co-Finance Slate
UPDATED: The slate deal to co-finance Sony films is worth $200 million.
Sony Pictures Entertainment has closed a co-financing deal worth $200 million with Citigroup and LStar Capital, the credit lending facility of Lone Star Funds, sources close to the deal confirmed.
The multi-year deal, which will cover the majority of Sony's upcoming slate, will kick in immediately, presumably covering such titles as The Amazing Spider-Man 2.
Ben Waisbren, formerly of Virtual Studios, brokered the deal with Andrew Gumpert and Stefan Litt, who both represented Sony.
The multi-year deal, which includes both equity and bank debt, closed on Tuesday.
Lone Star represents funds worth $45 billion, and its investment is viewed as a vote of confidence in Sony's upcoming lineup.