ENGLEWOOD, Colo., Jan. 9 /PRNewswire-FirstCall/ -- Starz, LLC, today announced that the company has completed agreements to provide long-term financing for the slate of films being produced by Starz, LLC, subsidiary Overture Films.
The package includes a $225 million credit facility provided by a group of banks led by JP Morgan and CIT Group Inc. In addition, $100 million of mezzanine financing and equity are provided by Liberty Media Corp. (Nasdaq: LINTA; LCAPA), parent company of Starz, LLC.
Starz, LLC, Executive Vice President and Chief Financial Officer Glenn Curtis said, "This structure will provide Overture with all the financing it needs to move ahead with production of 8-12 major motion pictures a year. This agreement fulfills our goal of providing Overture the full financial backing it needs to produce and acquire films within the parameters of their business plan. We look forward to a long string of great movies from Overture."
Overture CEO Chris McGurk noted that the long-term financial commitment from Starz LLC, combined with previously announced distribution deals with premium channel provider Starz Entertainment and with Starz home video unit Anchor Bay Entertainment, gives Overture all the essential distribution and financial backing it needs. "Liberty and Starz have proven to be the perfect long-term strategic partners Overture needed," McGurk said. "Overture has a unique competitive advantage with complete film financing and fully integrated distribution in all media worldwide firmly in place. This enables us to focus our energies on finding great film projects and then helping the actors, producers and directors we work with to do what they do best: create compelling and innovative films."
Overture Films begins releasing its slate January 18th with the comedy Mad Money, directed by Oscar(R) winner Callie Khouri and starring Diane Keaton, Queen Latifah, and Katie Holmes as three employees of the Federal Reserve who plot to steal money that is about to be destroyed. On March 14, 2008, Overture will release Sleepwalking, an emotional drama about a young girl's search for parental love, starring Oscar(R) winner Charlize Theron. Following is Tom McCarthy's The Visitor, Overture's most recent acquisition from the 2007 Toronto Film Festival, which will arrive in theaters on April 11, 2008.
Overture is domestically distributing the action-thriller Righteous Kill, starring Oscar(R) winners Robert De Niro and Al Pacino, which finished principal photography last November. Also recently wrapped is Traitor, a politically charged espionage thriller starring Don Cheadle and Guy Pearce as well as Last Chance Harvey, starring Oscar(R) winners Dustin Hoffman and Emma Thompson. Finally, Overture's most recent green-lit film is Humboldt Park, a family dramedy about three siblings' return to their family's home for the holidays, starring John Leguizamo and Freddy Rodriguez.
About Overture Films
Overture Films (http://www.overturefilms.net/) develops, produces acquires and distributes feature-length, theatrical motion pictures worldwide. The studio is an operating unit of Starz, LLC, which in turn is a wholly owned subsidiary of Liberty Media Corp., that is attributed to Liberty Capital Corp. (Nasdaq: LCAPA; LCAPB). Its affiliated companies, Anchor Bay Entertainment and Starz Entertainment, make the films available domestically to viewers via home video, premium television Internet and other outlets.
About Starz, LLC
Starz, LLC, is a holding company that operates Starz Media and Starz Entertainment (http://www.starz.com/). Starz, LLC is a wholly owned subsidiary of Liberty Media Corp. that is attributed to Liberty Capital Group .
Contacts:
Starz, LLC: Tom Southwick
720-852-5821
