LOS ANGELES--(BUSINESS WIRE)--Sonar Entertainment (“Sonar” or the “Company”) today announced that it has secured a new production finance facility of $121 million led by MidCap Financial. Sonar is the leading independent television studio with a full suite of capabilities to develop, produce, finance, and distribute premium television content on a worldwide basis.
“Sonar has continued to build its position as the leading independent TV studio through new series successes and expansion into kids & family and non-scripted programming,” said Tom Lesinski, CEO, Sonar Entertainment. “Having significant and flexible production financing is core to our ability to meet the needs of our talented partners and create even more opportunities in bringing premium programming to the market. This is particularly important as networks and digital platforms continue to focus on high-end original programming as the most significant driver of ratings, subscriber growth, and audience retention.”
“The acceleration of growth at Sonar over the last two years has been substantial and is testament to its capacity to deliver significant investment in the development and packaging of content, without relying on third parties, which leads to more control of creative and higher frequency of series orders,” said Gabriel de Alba, Chairman, Sonar Entertainment and Managing Director and Partner, The Catalyst Capital Group Inc. “We are very excited about the future, marked by a production slate that continues to build with various series reordered, new series slated to premiere and new series greenlit and pilots ordered.”
In addition to 17 series on-air and in production, Sonar currently has an additional 21 projects set up at premier networks, and a robust pipeline of more than 40 shows and a library consisting of more than 1,000 titles.
About Sonar Entertainment
Sonar Entertainment is a leading independent entertainment studio that develops, produces, finances and distributes content for global audiences. Our financial strength and independence provides us with the freedom to fund development and productions on a global scale and partner with the most innovative storytellers in the industry. Sonar Entertainment premium series include Mr. Mercedes, written by David E. Kelley, based on the novel by Stephen King, with AT&T Audience Network; The Son, starring Pierce Brosnan for AMC; Das Boot, an eight-part series inspired by the acclaimed movie, for Sky; scripted drama series The Hunt and documentary series Lorena, both produced with Jordan Peele for Amazon; scripted sci-fi comedy series Weird City, produced with Jordan Peele for YouTube Premium; and an A.I. documentary series produced with Robert Downey Jr. for YouTube Premium. Sonar Entertainment also distributes internationally, outside the UK, Taboo, for FX and BBC One, starring Tom Hardy and executive produced by Ridley Scott. Factual and lifestyle series include Texas Metal for Discovery and Food's Greatest Hits for Scripps. Sonar Kids and Family series include Counterfeit Cat, airing on Disney XD in the US, Teletoon in Canada, on Hulu and in over 200 countries worldwide; and Go Away, Unicorn! for Disney. In addition, Sonar Entertainment distributes over 1,000 award-winning library titles comprising over 3,000 broadcast hours.
About MidCap Financial
MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to companies across all industries. We provide a broad array of products intended to finance growth and manage working capital. The company is headquartered in Bethesda, MD, with offices in Chicago and Los Angeles. For more information, visit www.midcapfinancial.com.
MidCap Financial refers to MidCap FinCo Designated Activity Company, a private limited company domiciled in Ireland, and its subsidiaries, including MidCap Financial Services, LLC. MidCap Financial Services, LLC employs all personnel and provides sourcing, due diligence and portfolio management services to MidCap FinCo Designated Activity Company pursuant to a services agreement. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management (NYSE: APO), pursuant to an investment management agreement.