Genius secures $70 million credit facility
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Funds to be used for content acquisition, production, distribution, marketing
By Susanne Ault -- Video Business, 8/10/2007
AUG. 10 | Genius Products has entered into a new $70 million credit facility arranged by financial services group Societe Generale.
The three-year, senior secured revolving credit facility provides for an initial commitment of $30 million up to a total of $70 million, to be provided from a consortium of banks including Societe Generale. The facility will be used toward financing content acquisition, production, distribution and marketing.
“We believe that this new credit facility validates the strength of our expanding relationships with content partners and provides us with the additional financial capacity to drive sustainable, long-term growth in a cost-effective manner,” said Stephen K. Bannon, Genius chair. “As previously announced, we have a plan in place for a phased expansion of our business which includes co-production with our branded partners in our four verticals of sports, family/faith, lifestyle and independent film, where we expect to own or co-own copyright and distribution rights, greatly enhancing the value of our library.”
