David Ellison‘s Skydance has raised $700 million in funding to grow and expand its feature film, television and interactive businesses, the company announded Tuesday.
Skydance has completed a significant 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. The new credit facility was arranged by the company and J.P. Morgan Chase.
With the $700 million recapitalization, Skydance plans to ramp up production as well as pursue potential new acquisitions and upcoming product out of Skydance International.
Since its inception in 2010, Skydance has produced 10 movies, which have cumulatively grossed approximately $4 billion in worldwide box office receipts. The company’s current film slate includes Paramount’s “Star Trek Beyond” on July 22, Paramount’s “Jack Reacher: Never Go Back” on Oct. 21, Warner Bros.’ “Geostorm” on Jan. 13, 2017 and Sony’s “Life” 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.
“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,” said David Ellison, founder/CEO of Skydance Media. “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.”
“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,” said David Shaheen, managing director of the Entertainment Industries Group for J.P. Morgan Chase. “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.”
“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 Jesse Sisgold, COO of Skydance Media.