MUMBAI: Santa Monica, CA-based WWE Studios has closed on a revolving credit facility worth $35 million with Bank of America Merrill Lynch (BofAML). The deal comes after a multi-year successful run by the production company.
With this new arrangement, WWE Studios expects to extend and grow their partnership base, which already includes Warner Bros., Lionsgate and 20th Century Fox.
The proceeds of the facility will allow WWE Studios to execute further on its key strategy for long-term growth, increasing the number of mid-size budgets films, similar to The Call and Oculus, on its slate. The funds will also go toward the expansion of the acquisition slate.
“WWE Studios is an amazing brand with a history of creating content with fascinating characters and storylines. This new facility will provide WWE Studios the capacity to build on the momentum from the last several years by producing and acquiring more branded and genre films. The various platforms and global reach of both BofAML and WWE creates the perfect collaboration,” said Bank of America Merrill Lynch senior vice president Randy Hua.
“This new relationship with Bank of America Merrill Lynch gives us the opportunity to be involved in higher profile films and expand talent relationships. Our audience craves larger-than-life stories, and we're looking forward to using this new facility to bring even more of those stories to the big screen,” added WWE Studios president Michael Luisi.
“The credit facility enhances WWE's financial flexibility and is consistent with WWE's film strategy and planned investment levels as previously communicated,” said WWE chief strategy and financial officer George Barrios.
WWE Studios most recently launched a new label, Erebus Pictures, with media mogul Gene Simmons, which is set to finance and produce elevated horror movies.
WWE Studios titles include The Call with Halle Berry and WWE Superstar David Otunga, Oculus directed by Mike Flanagan starring Karen Gillan and Katee Sackhoff, Dead Man Down starring Colin Farrell, Noomi Rapace, Terrence Howard and featuring WWE Superstar Bad News Barrett, The Marine franchise featuring WWE Superstars John Cena, The Miz and WWE Diva Summer Rae, and Scooby-Doo! WrestleMania Mystery, which paired animated versions of WWE Superstars with Scooby and the gang. Upcoming releases include Incarnate with Blumhouse Pictures starring Aaron Eckhart and featuring WWE Superstar Mark Henry, and a sequel to Scooby-Doo! WrestleMania Mystery starring WWE legend Hulk Hogan.
