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David Ellison’s Skydance Media has closed a deal that will give it $1 billion in available credit from J.P. Morgan and a consortium of partnering banks.
The refinancing agreement offers a four-year, $500 million revolving credit facility, with an option to expand to $1 billion if required. The new revolver is also backed by Comerica, Bank of America, Truist Bank, Union Bank and other financial institutions.
Launched in 2010, Skydance is best known for tentpole projects including the Mission Impossible, Star Trek and Terminator franchises. Its television output includes Grace and Frankie and Altered Carbon on Netflix, Jack Ryan on Amazon and Dietland on AMC, among other shows.
Ellison is the son of Oracle co-founder Larry Ellison and the brother of Annapurna Pictures head Megan Ellison.
Skydance’s more recent live action and animated film and TV slate includes Netflix’s The Old Guard and 6 Underground, and the upcoming features Top Gun: Maverick, GI Joe: Snake Eyes and Tom Clancy’s Without Remorse and The Tomorrow War set with Amazon. The studio also has The Adam Project and Heart of Stone set up at Netflix.
The new term loan also follows Skydance closing a $275 million strategic investment from RedBird Capital Partners and CJ Entertainment and Merchandising in Feb. 2020.
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