3 items from 2014
Alongside Megan Ellison's Annapurna Pictures, A24 has been one of the most interesting film production and distribution studios of the last couple years. Not all its films have been successful, but the company takes risks on compelling adult dramas and otherwise non-mainstream fare, films that may not traditionally find a home at many other studios with the ability to get them in front of wider audiences. And while A24 has been busy building a name for itself, it has also been looking to expand its initiative, a goal the studio has seemingly achieved by way of a $50 million line of credit from Comerica and Union Bank of California. These institutions' entertainment finance groups have provided capital for films such as Rush, End of Watch, and The Fighter, among others. The move is a vote of confidence for the upstart studio, whose filmography includes a range of pictures and genres »
- Jordan Benesh
Upstart indie distributor A24 said today it has secured a $50 million line of credit from Comerica and Union Bank of California. It said it will use the facility to “build out its core film distribution business and finance initiatives in complimentary industry verticals.” The company is coming off a busy Toronto where it acquired Noah Baumbach’s While We’re Young starring Ben Stiller and Naomi Watts for $4M. It was a big get for A24, which has been chasing Baumbach since the distrib didn’t get Frances Ha.
“A24 has quickly claimed a unique place in the marketplace and demonstrated the ability to repeatedly craft compelling distribution campaigns that are innovative on multiple levels,” said Todd Steiner, a VP in Comerica’s Entertainment Group. “We are pleased that we can help support their current business endeavors, and we look forward to being a part of their continued growth.”
- The Deadline Team
In a vote of confidence in the specialty film business, distributor A24 has secured a $50 million line of credit from Comerica and Union Bank of California.
The two-year-old company said it will use the funds to build out its core film distribution business and finance initiatives in “complimentary” areas.
A24’s top grosser this year is Jenny Slate’s “Obvious Child” with $3.1 million at the U.S. box office. It also has released Scarlett Johansson’s “Under the Skin” with $2.6 million, Kevin Smith’s “Tusk” and Tom Hardy’s “Locke.”
Comerica Bank structured the facility and will act as its administrative agent. Union Bank will serve as a co-syndication agent.
“This credit facility represents the next logical step in the evolution of our business and provides A24 the capital and flexibility necessary to continue to drive value for all of our stakeholders,” A24’s Matthew Bires said. “Comerica and Union »
- Dave McNary
3 items from 2014
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