Miramax has secured a $300 million multi-bank revolving credit facility that will fund film and TV productions for the next five years, the company announced Thursday.
The loan, led by Bank of America Merrill Lynch and Mufg Union Bank, should provide the studio with enough financing to produce four-to-six films a year and deficit finance two-to-three TV series.
The goal of the funding is to help provide Miramax with a strategy for growth while ramping up its film and TV slate.
Also Read: Anne Heche Suggests Harvey Weinstein Fired Her From Miramax Film After She Refused Sexual Contact
Last year, Miramax tapped veteran film exec Bill Block as its new CEO after Stephen Schoch stepped down from the role.
“Bank of America Merrill Lynch is proud to support Miramax, a valued client and one of the most successful content companies in the entertainment business,” said Randy Hua, head of Bank of America’s L.A.-based tech, media and entertainment group, said in a statement. “This credit facility will allow Miramax the flexibility to continue to strategically grow their film and television capabilities with innovative and exciting content.”
The deal was secured ahead of the 2018 Cannes Film Festival, which Miramax is attending.
“Union Bank is excited to support Bill’s leadership of Miramax as it endeavors to bolster its premier library assets with an ambition for a robust film and television content creation slate” Bryan Lacour, head of Union Bank’s entertainment finance team, said in a statement.
Also Read: 'We Were All Complicit': 3 Bombshells From the Harvey Weinstein 'Frontline' Special (Video)
Miramax underwent a restructuring last year where the studio laid off roughly 45 people last year across film, TV, sales and finance support staff.
At the time, Block said the cuts and reorganization were necessary to streamline the company and set it up for growth.
“We are thrilled to commence a valued partnership with Bank of America Merrill Lynch and Mufg Union Bank,” Block said in a statement. “The credit facility allows Miramax to efficiently finance its current and future production slate as we shift to increase our growth.”
Also Read: Harvey Weinstein, Miramax and TWC Board Slapped With New Class-Action Harassment Suit From 6 Women
Miramax’s upcoming projects include the Johnny Depp-Forest Whitaker police drama “LAbyrinth,” which Miramax will co-finance with Open Road Films. It also has the documentary “Whitney” about late singer Whitney Houston for U.S. distribution.
Disney, which had acquired Miramax from co-founders Bob and Harvey Weinstein in 1993, sold the indie unit to a group of investors for $660 million in 2010. BeIN Media Group, which is owned by Qatar’s Al Jazeera, then acquired the company in 2016.
Block and Miramax EVPs of Finance Dennis Hands, Jeremy Gross and David Cragnotti negotiated the deal on behalf of the studio. Hua handled the deal on behalf of Bank of America.
Read original story Miramax Secures $300 Million Loan From Multiple Banks to Fund Film, TV Productions At TheWrap...
The loan, led by Bank of America Merrill Lynch and Mufg Union Bank, should provide the studio with enough financing to produce four-to-six films a year and deficit finance two-to-three TV series.
The goal of the funding is to help provide Miramax with a strategy for growth while ramping up its film and TV slate.
Also Read: Anne Heche Suggests Harvey Weinstein Fired Her From Miramax Film After She Refused Sexual Contact
Last year, Miramax tapped veteran film exec Bill Block as its new CEO after Stephen Schoch stepped down from the role.
“Bank of America Merrill Lynch is proud to support Miramax, a valued client and one of the most successful content companies in the entertainment business,” said Randy Hua, head of Bank of America’s L.A.-based tech, media and entertainment group, said in a statement. “This credit facility will allow Miramax the flexibility to continue to strategically grow their film and television capabilities with innovative and exciting content.”
The deal was secured ahead of the 2018 Cannes Film Festival, which Miramax is attending.
“Union Bank is excited to support Bill’s leadership of Miramax as it endeavors to bolster its premier library assets with an ambition for a robust film and television content creation slate” Bryan Lacour, head of Union Bank’s entertainment finance team, said in a statement.
Also Read: 'We Were All Complicit': 3 Bombshells From the Harvey Weinstein 'Frontline' Special (Video)
Miramax underwent a restructuring last year where the studio laid off roughly 45 people last year across film, TV, sales and finance support staff.
At the time, Block said the cuts and reorganization were necessary to streamline the company and set it up for growth.
“We are thrilled to commence a valued partnership with Bank of America Merrill Lynch and Mufg Union Bank,” Block said in a statement. “The credit facility allows Miramax to efficiently finance its current and future production slate as we shift to increase our growth.”
Also Read: Harvey Weinstein, Miramax and TWC Board Slapped With New Class-Action Harassment Suit From 6 Women
Miramax’s upcoming projects include the Johnny Depp-Forest Whitaker police drama “LAbyrinth,” which Miramax will co-finance with Open Road Films. It also has the documentary “Whitney” about late singer Whitney Houston for U.S. distribution.
Disney, which had acquired Miramax from co-founders Bob and Harvey Weinstein in 1993, sold the indie unit to a group of investors for $660 million in 2010. BeIN Media Group, which is owned by Qatar’s Al Jazeera, then acquired the company in 2016.
Block and Miramax EVPs of Finance Dennis Hands, Jeremy Gross and David Cragnotti negotiated the deal on behalf of the studio. Hua handled the deal on behalf of Bank of America.
Read original story Miramax Secures $300 Million Loan From Multiple Banks to Fund Film, TV Productions At TheWrap...
- 5/3/2018
- by Trey Williams
- The Wrap
Miramax has secured a multi-bank revolving credit facility for $300 million led by Bank of America Merrill Lynch and Mufg Union Bank that extends for five years.
The deal was announced Thursday, less than a week before the launch of the Cannes Film Festival, which Miramax executives will attend. It provides financing for the studio to produce and finance four to six films a year as well as deficit finance two to three television series per year, ramping up their slate and providing more strategy for growth.
“We are thrilled to commence a valued partnership with Bank of America Merrill Lynch and Mufg Union Bank,” said Miramax CEO Bill Block. “The credit facility allows Miramax to efficiently finance its current and future production slate as we shift to increase our growth.”
Block and Miramax’s executive VPs of finance Dennis Hands, Jeremy Gross, and David Cragnotti negotiated the deal on behalf of the studio.
The deal was announced Thursday, less than a week before the launch of the Cannes Film Festival, which Miramax executives will attend. It provides financing for the studio to produce and finance four to six films a year as well as deficit finance two to three television series per year, ramping up their slate and providing more strategy for growth.
“We are thrilled to commence a valued partnership with Bank of America Merrill Lynch and Mufg Union Bank,” said Miramax CEO Bill Block. “The credit facility allows Miramax to efficiently finance its current and future production slate as we shift to increase our growth.”
Block and Miramax’s executive VPs of finance Dennis Hands, Jeremy Gross, and David Cragnotti negotiated the deal on behalf of the studio.
- 5/3/2018
- by Dave McNary
- Variety Film + TV
’We remain focused on growth in the long term,’ say Glen Basner, Milan Popelka.
FilmNation Entertainment, heading to Cannes with Critics’ Week opening night film Wildlife, has secured $120m in additional capital through a revolving multi-bank credit facility.
The financing, agented by Bank of America Merrill Lynch and co-led by Union Bank, expands FilmNation’s ability to continue investing in its own content and acquiring content at higher budgets.
The move is part of the company’s broader strategic plan to consolidate its status as a one-stop destination for storytellers, build its film and expanding television businesses, and make strategic...
FilmNation Entertainment, heading to Cannes with Critics’ Week opening night film Wildlife, has secured $120m in additional capital through a revolving multi-bank credit facility.
The financing, agented by Bank of America Merrill Lynch and co-led by Union Bank, expands FilmNation’s ability to continue investing in its own content and acquiring content at higher budgets.
The move is part of the company’s broader strategic plan to consolidate its status as a one-stop destination for storytellers, build its film and expanding television businesses, and make strategic...
- 4/18/2018
- by Jeremy Kay
- ScreenDaily
’We remain focused on growth in the long term,’ say Glen Basner, Milan Popelka.
FilmNation Entertainment, heading to Cannes with Critics’ Week opening night film Wildlife, has secured $120m in additional capital through a revolving multi-bank credit facility.
The financing, agented by Bank of America Merrill Lynch and co-led by Union Bank, expands FilmNation’s ability to continue investing in its own content and acquiring content at higher budgets.
The move is part of the company’s broader strategic plan to consolidate its status as a one-stop destination for storytellers, build its film and expanding television businesses, and make strategic...
FilmNation Entertainment, heading to Cannes with Critics’ Week opening night film Wildlife, has secured $120m in additional capital through a revolving multi-bank credit facility.
The financing, agented by Bank of America Merrill Lynch and co-led by Union Bank, expands FilmNation’s ability to continue investing in its own content and acquiring content at higher budgets.
The move is part of the company’s broader strategic plan to consolidate its status as a one-stop destination for storytellers, build its film and expanding television businesses, and make strategic...
- 4/18/2018
- by Jeremy Kay
- ScreenDaily
’We remain focused on growth in the long term,’ say Glen Basner, Milan Popelka.
FilmNation Entertainment, heading to Cannes with Critics’ Week opening night film Wildlife, has secured $120m in additional capital through a revolving multi-bank credit facility.
The financing, agented by Bank of America Merrill Lynch and co-led by Union Bank, expands FilmNation’s ability to continue investing in its own content and acquiring content at higher budgets.
The move is part of the company’s broader strategic plan to consolidate its status as a one-stop destination for storytellers, build its film and expanding television businesses, and make strategic...
FilmNation Entertainment, heading to Cannes with Critics’ Week opening night film Wildlife, has secured $120m in additional capital through a revolving multi-bank credit facility.
The financing, agented by Bank of America Merrill Lynch and co-led by Union Bank, expands FilmNation’s ability to continue investing in its own content and acquiring content at higher budgets.
The move is part of the company’s broader strategic plan to consolidate its status as a one-stop destination for storytellers, build its film and expanding television businesses, and make strategic...
- 4/18/2018
- by Jeremy Kay
- ScreenDaily
IMDb.com, Inc. takes no responsibility for the content or accuracy of the above news articles, Tweets, or blog posts. This content is published for the entertainment of our users only. The news articles, Tweets, and blog posts do not represent IMDb's opinions nor can we guarantee that the reporting therein is completely factual. Please visit the source responsible for the item in question to report any concerns you may have regarding content or accuracy.