Electric Entertainment loaned $100m by Bank of America to fuel production slate

LA-based production, distribution and post-production company Electric Entertainment has closed a US$100m financing deal with Bank of America.

Dean Devlin

The company said the loan credit facility, provided over five years, will fund Electric’s expanding production slate, which includes new seasons of Leverage: Redemption and Almost Paradise for Amazon’s Freevee and of The Ark for Syfy.

The independent studio is currently wrapping up production on the second season of Leverage: Redemption, the spin-off to Leverage, while Almost Paradise, which originally aired on WGNA, has been greenlit for a second season for Freevee and is currently in production.

Headed by veteran producer Dean Devlin along with 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 led by Sonia Mehandjiyska.

Devlin, CEO of Electric Entertainment, said: “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 programmes 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.”

Randy Hua, head of the entertainment industries group at Bank of America, said: “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.”