Artisan Entertainment Arranges $200 Million in Film Financing
Artisan Entertainment, the company that released the sleeper hit “The Blair Witch Project” this summer, said Tuesday that it has arranged $200 million in financing for film production and marketing.
The revolving film financing from Artisan Film Investors--made up of institutions, insurance companies, banks and money from the advance sale of foreign film rights--will be used to finance Artisan’s film slate over the next three years. The deal is renewable each year, so the amount of money involved could expand to as much as $600 million.
The fund includes equity arranged by Wall Street firm Bear Stearns and debt backed by insurance policies arranged by Heath & Co., along with longtime Hollywood financial consultant Peter Hoffman. Also involved in the deal were such financial institutions as Chase Manhattan Bank, Fleet Bank, Societe Generale and Banque Nationale de Paris.
In addition to “Blair Witch,” other Artisan films include “Buena Vista Social Club,” “The Limey” and “Stir of Echos.”
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