Skydance receives $700 million funding for television, film projects

Skydance Media has successfully raised $700 million of financing to assist in several upcoming film and television projects. $500 million were obtained through a line of credit, while the remainder came in equity from company shareholders.

The credit facility came to fruition with the help of J.P. Morgan Chase.

“We appreciate the incredible support that Skydance continues to receive from J.P. Morgan Chase, our bank group and our investors. It is a testament to the immense amount of work and focus that our entire team has contributed to the business over the last few years,” a statement from David Ellison revealed, the CEO of Skydance Media.

“As we move into this next phase of expansion, we look forward to working with our highly valued stable of artists and strategic partners to grow the Skydance brand on a global basis,” he continued.

Ellison is the son of Larry Ellison, known as Oracle’s executive chairman. He founded Skydance in 2010 and the company has since produced ten feature films to date. Many have been met with favorable success and were backed by a moderate budget, including Terminator Genisys and World War Z.

Some of the company’s upcoming projects are tied to largely recognizable franchises, including Star Trek Beyond (in partnership with Paramount) with a slated release date of July 2016. Others include Geostorm and Life, set to debut in January and March 2017, respectively. The company is also working closely with giants Warner Brothers and Sony.

In addition, Skydance Television launched in 2014 and is currently working on four original series. These include Grace and Frankie and Altered Carbon, both set to premiere on Netflix, as well as Red Mars for Spike TV, while Jack Ryan will debut on Amazon.