Electric Entertainment Closes $100 Million Financing Deal

Electric Entertainment has closed a $100 million loan credit facility with Bank of America.

The five-year agreement will be initially used for Electric’s expanding production slate that includes Leverage: Redemption, The Ark and Almost Paradise, among other programs.

The deal further bolsters the proliferation of Electric’s production, sales and distribution arms. Electric also has its own app, ElectricNOW, an OTT linear channel and app containing programs produced and acquired by the company.

Jeff Gonzalez, CFO of Electric Entertainment, said, “This facility is our largest to date, exemplifying Bank of America’s recognition of Electric’s continuous growth. The credit agreement allows us to continue on our quickly moving trajectory.”

Dean Devlin, CEO of Electric Entertainment, added, “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 programs 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.”

“Bank of America was pleased to work closely with Dean and the Electric Entertainment management team to help them chart their future growth,” said Randy Hua, head of the entertainment industries group at Bank of America. “Electric has a strong pipeline of creative broadcast and streaming projects and can continue to increase their influence through diverse channels.”