面临的难题
Moviegoers love a good scare, which has made horror one of the most popular film genres dating all the way back to the silent era. No one knows that better than Joel Silver and his Dark Castle team, who proved that updating vintage horror classics and creating new ones can be a recipe for commercial success.
But scaring the pants off movie goers is just the start for Dark Castle. From the very beginning, Silver and company saw the opportunity to expand its development slate and become a full-genre label, producing thrillers, action pictures and action-comedies, as well as horror films.
After decades as one of the top producers in Hollywood with nearly 50 films to his credit, Silver had plenty of experience with the traditional financing model in which big movie studios choose the films to “greenlight” and provide the funding. While he had certainly enjoyed remarkable success under that system, Silver was looking for something else for Dark Castle.
By leveraging projects already in development with Warner Bros. and his unequaled track record, Silver hoped to find a partner with the vision and foresight to let him call the shots and maintain creative control – essentially allowing him to create what he referred to as an independent “mini-studio within the studio.”
After meeting with a variety of potential funding sources, Dark Castle still had not found the right financial partner. What they needed was a financer that understood the movie industry and recognized Dark Castle’s blockbuster potential.
解决方案
In 2006, entertainment financing specialists from CIT’s Communications, Media and Entertainment group met with Silver, Co-President Steve Richards and other Dark Castle executives. Unlike traditional lenders, CIT has a dedicated team of finance professionals and investment bankers that focuses solely on the entertainment industry and has experience both in the content and distribution sides of the business.
Dark Castle executives were impressed with the depth and breadth of CIT’s experience and, just as importantly, with the financing team’s eagerness to understand and support their vision and business plan. CIT recognized Silver and Dark Castle’s superior track record, the value of the Warner Bros. distribution partnership, and the commercial potential of Dark Castle’s business strategy.
In October 2006, CIT agreed to finance the production of 15 feature films for Dark Castle over the next six years. Each film will have a projected budget between $15 million and $40 million.
As sole lead arranger on the transaction, CIT structured and underwrote $220 million of senior and junior capital for Dark Castle. Using its extensive relationship network, CIT brought together a consortium of financial institutions with film financing experience to raise the capital Dark Castle needs to produce its films. CIT also became a significant investor in Dark Castle’s financing.
结果
Dark Castle will have a readily available source of capital to fund an ambitious slate of films in various genres over the next six years. The agreement gives Silver sole creative control, the authority to greenlight Dark Castle projects and ownership of all the films produced.
Warner Bros. will take a distribution fee and finance all print and advertising costs in exchange for worldwide distribution rights, with the exception of two international territories, where Dark Castle will be permitted to sell its films directly. The first film produced under the deal will be “Whiteout,” a crime thriller scheduled for release in 2008. Based on a popular graphic novel, the film will star Kate Beckinsale as a federal marshal tracking a killer in Antarctica as the sun prepares to set for six months. The first release will be “RocknRolla,” written and directed by Guy Ritchie and starring Gerard Butler (“300”), Jeremy Piven and Tom Wilkinson.