The Los Angeles-based production and distribution company Electric Entertainment has announced the closing of a US$100 million loan credit facility with Bank of America. The five-year agreement will be initially used for Electric’s rapidly expanding production slate that includes “Leverage: Redemption,” “The Ark,” and “Almost Paradise,” among other programs.
“This facility is our largest to date, exemplifying Bank of America’s recognition of Electric’s continuous growth. The credit agreement allows us to continue on our quickly moving trajectory,” stated Jeff Gonzalez, CFO of Electric Entertainment.
“With the advent and continuation of the streaming industry’s growth, we have been lucky to continue to do what we do best: create original scripted programs that audiences love. With not only our broadcast, but now our streaming channel and platform partners, our content is in higher demand as our distribution expansion has become far-reaching,” added Dean Devlin, CEO of Electric Entertainment.
The deal further bolsters the proliferation of Electric’s production, sales, and distribution arms. The company has its hands in all facets of the domestic and international OTT industry, in addition to continuing its footprint within the traditional linear space. Just this past year, the company produced three TV series – all streaming platform and broadcast originals.
Electric is currently wrapping up production on its second season of “Leverage: Redemption,” the spin-off continuation of “Leverage,” one of Amazon Freevee’s first original programs. Moreover, “Almost Paradise,” which originally aired on WGNA, has been green lit 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 Channel original.
“Bank of America was pleased to work closely with Dean and the Electric Entertainment management team to help them chart their future growth. Electric has a strong pipeline of creative broadcast and streaming projects and can continue to increase their influence through diverse channels,” said Randy Hua, Head of the Entertainment Industries Group at Bank of America.