LA-based producer and distributor Electric Entertainment has secured a $100m financing deal with Bank of America to expand its production slate.
The five-year loan agreement will be initially used to fund productions including the US firm’s scripted shows, such as Amazon Freevee’s Leverage: Redemption and Almost Paradise and The Ark for Syfy.
Headed up by veteran producer Dean Devlin along with his partners Marc Roskin and Rachel Olschan-Wilson, Electric Entertainment also houses acquisitions and sales divisions, with domestic sales headed up by Steve Saltman and the international division headed by Sonia Mehandjiyska.
Electric is currently wrapping up production on its second season of Leverage: Redemption, while Almost Paradise, which originally aired on WGNA, has been greenlit for a second season for Freevee, and is currently in production. In addition, Electric’s new series The Ark, just wrapped and will air as a Syfy original.
“Bank of America was pleased to work closely with Dean and the Electric Entertainment management team to help them chart their future growth,” said Randy Hua, head of the entertainment industries group at Bank of America. “Electric has a strong pipeline of creative broadcast and streaming projects and can continue to increase their influence through diverse channels.”