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Electric Entertainment raises $60m

The CW’s fantasy-adventure drama The Outpost

LA-based Electric Entertainment has raised US$60m in financing and will be putting part of it towards new episodes of The Outpost on The CW and Almost Paradise on WGN America.

The firm has closed a US$60m syndicated corporate credit facility with SunTrust Robinson Humphrey, which oversees the corporate and investment banking services of SunTrust Banks.

Electric Entertainment said the US$60m will initially be used to finance the third season of fantasy-adventure The Outpost on The CW along with the first season of crime drama Almost Paradise, which will air on WGN America in early spring 2020.

The financing will also support Electric’s expanding television production slate along with the continued growth in its sales and distribution operations, the company said.

The latter was boosted recently by the acquisition of the international sales rights to the FilmRise library.

Dean Devlin, CEO of Electric Entertainment, said: “Our company has a vast library of TV programming that provides an excellent foundation to establish a company-wide credit facility so it may continue its rapid expansion in original scripted series programming.”

Electric Entertainment recently announced the launch of OTT linear channel ElectricNow, which is available on multiple platforms including Stirr, Xumo and Distro TV.

The channel features Electric Entertainment’s programming, movies and video podcasts alongside content it acquires from third-party partners.

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