Skydance Media has closed a four-year, $500 million revolving credit facility led by J.P. Morgan.
The company says that it has the ability to expand that facility to $1 billion and also said that it plans to use the money to support corporate operations as well as production and development. Skydance previously closed a $700 million round of new financing in 2016 with J.P. Morgan.
Skydance, which has financed or co-financed the likes of “True Grit,” “6 Underground,” “Gemini Man,” “Jack Reacher” and several “Mission: Impossible” sequels, is hoping to use some of the money to back its moves into animation and television.
Skydance President and Chief Operating Officer Jesse Sisgold closed the facility in collaboration with Skydance CFO Larry Wasserman. Other partners involved in the facility include Comerica, Bank of America, Truist Bank, Union Bank, Bank Hapoalim, CIT Bank, East West Bank, Fifth Third Bank, California Bank & Trust, Citizens Bank, Bank of Hope, and Preferred Bank.
“Alongside our long-standing partner J.P. Morgan, we designed this facility to be nimble with forward-thinking financial institutions who appreciate our grasp of the ever-changing business models, platforms, and economics of the entertainment business,” said Sisgold and Wasserman in a joint statement.
With COVID-19 upending the movie business, Skydance has moved several movies from its partner Paramount to Amazon and Netflix, including “Without Remorse” and “The Tomorrow War.” It also moved several of its animated movies, including “Spellbound” and “Luck,” to Apple. Upcoming Skydance movies include “Top Gun: Maverick,” “GI Joe: Snake Eyes,” and the seventh and eight installments of the “Mission: Impossible” franchise.