Cannes: Dean Devlin’s Electric Entertainment Secures $75 Million

Dean Devlin’s Electric Entertainment has announced that it has secured $75 million in credit facilities from First Republic Bank.

Electric has closed a $20 million production facility with  the bank to finance the second season of the  TNT show “The Librarians,” starring Rebecca Romijn, Christian Kane and John Larroquette and featuring Noah Wyle. Production is slated to begin in June.

Electric has now closed over $75 million in financing with First Republic Bank in the past three years to facilitate Electric’s expansion of its operations in TV and feature film production, along with growth of its worldwide sales arm.

In addition to “The Librarians,” Electric  is selling international rights to Civil War drama “Mercy Street,” produced by Ridley Scott and scheduled for a winter 2016 premiere on PBS.

The company is also selling “The Wannabe,” which premiered last month at the Tribeca Film Festival. The film is executive produced by Martin Scorsese, Devlin and Traction Media, and stars Patricia Arquette, Vincent Piazza and Michael Imperioli.

The company recently wrapped production on the Warner Bros. film “Geostorm,” Devlin’s feature directorial debut, which he is producing with Skydance Pictures’ David Ellison and Dana Goldberg and his Electric Entertainment team of Marc Roskin and Rachel Olschan.

Electric is also co-financing, producing and selling international rights for the film “Go With Me” starring Anthony Hopkins, Ray Liotta and Julia Stiles. It also recently acquired international sales rights to SXSW titles “Kelly & Cal,” SXSW Audience Award winner “Before I Disappear” and the Terrence Malick-produced film “The Better Angels.”

Devlin produced “Independence Day” and helped start Voltage Entertainment in 2005. He announced at the Toronto Intl. Film Festival in 2013 that he was returning to the foreign sales/financing business through Electric Entertainment.

UPDATE, 11 pm PDT — The initial post said that the total credit facility was $95 million; the correct total is $75 million.

 

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