Byron Allen Entertainment Studios said it had raised $ 500 million in credit facilities organized by Deutsche Bank Securities, Jefferies Financial Group, Brightwood Capital Advisors and Comerica Bank. The loan was syndicated to a large group of lenders, who collectively manage more than $ 500 billion.
Allen distributes movies and TV shows, with 41 shows on the air, and owns eight 24-hour HD television networks, including The Weather Channel recently purchased for $ 300 million. Recent film releases have included 47 meters below, Chappaquiddick and Hostiles. The $ 500 million in credit facilities will be used for general commercial purposes, production, co-productions and the acquisition of other companies.
“As we celebrate our 25th anniversary, this additional capital positions us for new investments and acquisitions,” Allen said in a statement. “Most importantly, this group of lenders provided us with the financial support and the ability to expand the line of credit and make large-scale acquisitions, which is a major part of our strategy going forward. “
The divisions of Allen’s Entertainment Studios – with approximately 650 employees – now include the syndication, production and broadcast television distribution of more than 41 television programs, eight television networks, motion picture production, acquisition and global distribution, acquisition and distribution of digital films, OTT platforms and the publication of global news. This makes Entertainment Studios one of the largest privately held media and technology companies in the world.
Allen is 100% owner of Entertainment Studios, started from his dining room table 25 years ago.