Village Roadshow Looking to Raise $400 Million in New Financing
The company, which has backed 'American Sniper' and 'The Lego Movie,' is aiming to increase its film output.
Village Roadshow Pictures, which partnered with Warner Bros. on hits like American Sniper and The Lego Movie, is looking to raise as much as $400 million from investors to increase its movie output, The Hollywood Reporter has confirmed.
The company, which is looking to raise its output to eight to 12 films a year, is working with Moelis & Co. to raise the equity funding through the Village Roadshow Entertainment Group, the holding company that oversees Village Roadshow Pictures.
Village Roadshow last raised new capital in 2012, when it struck a debt and equity deal for $275 million with Trinity Opportunities Limited. The company is also said to be working with JPMorgan Chase & Co. and Rabobank NA to refinance and extend its credit facility beyond 2020.
Village Roadshow has a deal to co-finance and co-produce films with Warner Bros. that was extended in 2012 to run through 2017. It also has a co-financing and co-production deal with Sony Pictures Entertainment.
Upcoming films in which Village Roadshow has a stake include George Miller's Mad Max: Fury Road, which Warners is releasing May 15; the disaster movie San Andreas, which is set to open May 29; and Ron Howard's In the Heart of the Sea, which is coming Dec. 11.
The move was first reported by Bloomberg.