The Thomas Tull-led studio currently has a $600 million credit facility from JP Morgan Chase and Bank of America which expires in 2016.
It is seeking to replace that credit line and is in discussion with the same two financial institutions, according to Bloomberg News.
Bloomberg reports that demand from lenders is high and that the replacement funding could expand to $700 million. That is despite an unusually weak patch for Legendary, which has seen both “Seventh Son” and “Blackhat” disappoint this year at the box office.
Legendary, however, is providing finance for “Jurassic World,” a sequel for Universal to Steven Spielberg’s iconic “Jurassic Park.” The company also has financial support from Japan’s Softbank, which made an equity investment of $250 million for some 10% of the company in October and could increase its investment to $1 billion in stages by 2018.
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In the middle of a conversation about the tenth anniversary of Brooklyn Bowl — the live-music-and-bowling venue that opened a second location in Las Vegas in 2014 — owner Peter Shapiro casually mentions that he’s planning on opening a third location in the U.S. within the next 12 months. He declines to provide any more [...]
Sony has created Sony Music Group, an umbrella for both its recorded-music operation — Sony Music Entertainment — and its publishing company — Sony/ATV — under SME chief Rob Stringer, according to an internal document obtained by Variety. The move will take effect on Aug. 1. A source close to the situation tells Variety that [...]
As Variety reported in December, Ben Winston will take the reins of the Grammy Awards as executive producer in 2021 after longtime telecast leader Ken Ehrlich completes his 40th ceremony next year. Winston has become a prolific producer for CBS and other outlets since he moved to the U.S. nearly five years ago to launch [...]
Chinese live-streaming firm DouYu has set a price of $11.50 per ADS share for its stockmarket debut on NASDAQ. Company CEO Chen Shaojie was expected to ring the exchange’s opening bell. The share sale will raise a total of $775 million, and provide the company $517 million of fresh capital. At that price DouYu would [...]
Men’s magazine Cavalier was launched by Fawcett Publications in 1952 (motto: “For the American Male”). It was published the year before Playboy, to which it has often been compared. Imagine that this was a bastion of cutting-edge comic literature. Back in the day, Cavalier tried to be seen as slightly hipper, more youthful and considered [...]
Live entertainment digital media company LiveXLive Media today announced that AOL and MTV veteran Dermot McCormack has been named president of the company. According to the announcement, McCormack will lead the business and creative operations of LiveXLive, effective immediately. McCormack previously served as AOL’s Global President of Video and Studios, where he oversaw the video [...]
R. Kelly has been ordered held without bond at a hearing Tuesday in federal court in Chicago, according to the Chicago Sun Times. The singer entered a not-guilty plea. The hearing, which follows the singer being hit Friday with a total of 18 counts of serious sexual misconduct and other charges in Chicago and New York, [...]