Sony Pictures Close to Financing Deal With Blue Anchor
Sony Pictures is hoping to close a long-gestating financing deal with Blue Anchor Entertainment, sources confirm.
The deal, which according to a source has been in various stages of discussion for about two years, would bring Sony about $300 million in equity financing over a three-year term, plus possible additional credit.
A second source with knowledge of the situation says the deal "is nowhere near closing," but, should it come together, would provide financing for Columbia Pictures and possibly Tom Rothman's newly revived TriStar unit. Screen Gems, which makes lower-budget films, might not be involved.
An insider says the deal might close within a couple of weeks, adding: "People are pretty focused on getting it done."
Sony Pictures spokesman Charles Sipkins declined to comment.
Attorney John LaViolette and producer Joseph Singer are the principals in Blue Anchor.
Sony has long been on the quest for outside financing, hoping to follow the model in place at Paramount, Warners, Universal and Fox. Among the major studios, only Disney eschews outside financing.
Sony had recently been under pressure to operate more efficiently and transparently from investor Daniel Loeb. But sources say that, at this point, Loeb has abandoned plans to push for further change.