Producer Dean Devlin‘s Electric Entertainment has closed a deal for $20 million in production funding with First Republic Bank, the company announced on Thursday at the Cannes Film Festival.
The financing will be used to for “The Librarians” on TNT, starring Rebecca Romijn, Christian Kane and John Larroquette, and featuring Noah Wyle. Production is slated to begin in June.
Electric also increased its corporate bank credit and has now closed over $75 million in financing with First Republic Bank in the past three years. This access to capital has facilitated Electric’s expansion of its operations in television and feature film production, along with the growth of its worldwide sales arm.
In addition to “The Librarian,” Devlin’s sales outfit is selling international rights to “Mercy Street,” the new Ridley Scott-produced PBS Civil War historical drama, which is scheduled for a winter 2016 premiere.
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.