Independent production company Legendary Entertainment is seeking $700 million to strengthen its film financing business, according to media reports on Thursday.
Financing for the Burbank company would be led by JPMorgan Chase & Co. and Bank of America Corp. and would replace and increase a $600 million credit facility from the two banks that matures next year, Bloomberg News reported.
Legendary, founded and run by Thomas Tull, has been responsible for “The Dark Knight” and “Hangover” franchises, and other Hollywood blockbusters such as “300” and “Godzilla.” After a lengthy distribution relationship with Warner Bros. Entertainment, in Burbank that ended in 2013, Legendary now releases its movies through Universal Pictures.
The company has a stake in this summer’s big budget “Jurassic World,” an extension of the extremely popular dinosaur franchise. And it put up full financing for N.W.A. biopic “Straight Outta Compton,” which is scheduled for release in August and is said to have a budget under $25 million.
In recent years, Legendary has diversified its portfolio by adding television and online content production as well as publishing comic books.
Last year, Legendary received a $250 million investment from SoftBank Corp., a Japanese telecom company. The two are forming a joint venture to focus on distribution of streaming content in growing markets in China and India.