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Skydance Media completes $700 mn recapitalisation
MUMBAI: Skydance Media will grow and expand its feature film, television and interactive businesses as a result of having completed a round of new financing in the amount of $700 million, including a $500 million line of credit and $200 million in equity from a consortium of existing shareholders.
“We appreciate the incredible support that Skydance continues to receive from J.P. Morgan Chase, our bank group and our investors. It is a testament to the immense amount of work and focus that our entire team has contributed to the business over the last few years. As we move into this next phase of expansion, we look forward to working with our highly valued stable of artists and strategic partners to grow the Skydance brand on a global basis,” said Skydance Media founder, CEO David Ellison.
“This funding is indicative of the underlying strength of Skydance Media, a well-managed and operationally strong company that has already achieved a great deal and is now well positioned for future growth. We are thrilled to have helped David Ellison and his team secure the new capital that will allow them to fully realize Skydance’s potential,” commented David Shaheen, MD of the Entertainment Industries Group for J.P. Morgan Chase.
“This significant capital infusion will permit us to achieve a number of Skydance’s near-term business goals, including aggressively augmenting our feature film and television slates and pursuing several exciting new opportunities in gaming and virtual reality,” added Skydance Media COO Jesse Sisgold, .
Since its inception in 2010, Skydance has produced ten feature films, which have cumulatively grossed approximately $4 billion in worldwide box office receipts. The company’s current film slate includes Star Trek Beyond with Paramount on July 22, 2016, Jack Reacher: Never Go Back with Paramount on October 21, 2016, Geostorm with Warner Brothers on January 13, 2017 and Life with Sony on March 24, 2017.
Skydance Television was launched in 2014 and is currently slated to produce four original series, including Emmy-nominated Grace and Frankie and Altered Carbon on Netflix, Red Mars on Spike TV and Jack Ryan on Amazon.
With the $700 million recapitalisation, Skydance plans to expand its ongoing business operations, including the production of both feature films and television series as well as to pursue potential new acquisitions and upcoming product out of Skydance International. Financing for the transaction was provided by a syndicate of banks and institutional investors led by J.P. Morgan Chase.