David Ellison’s Skydance Productions has raised $350 million in financing, company spokesperson Michael Donkis confirmed to TheWrap.
Ellison is the son of Oracle founder Larry Ellison, the billionaire investor and mainstay of Forbes' “Rich List.”
The funding will be used to produce several big-ticket features with the company’s partner Paramount Pictures, including “Mission: Impossible 4,” the Coen Brothers’ “True Grit” remake and the next installment in the Jack Ryan franchise.
The funds will also be used on some smalled budget films such as an untitled Charlize Theron comedy and the comic book film “Hyde.”
The exact breakdown of the funding is $150 million in equity and $200 million through a revolving credit facility spearheaded by J.P. Morgan Chase, Donkis told TheWrap.
Through its first look deal at Paramount, the company is expected to produce at least four films a year.
Based in Santa Monica, Skydance was founded four years ago. Ellison, who starred in the 2006 box-office disappointment ‘Flyboys,” has given up acting for film financing.
The Los Angeles Times first reported the news of Skydance's big cash infusion on Monday.
