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CANNES: Dean Devlin's Electric Entertainment Secures $50 Million

MoviesSylvester StalloneFirst Republic BankTNT (tv network)Philip Seymour HoffmanKyra SedgwickSouth by Southwest

Dean Devlin's Electric Entertainment has secured $50 million in a combination of corporate and production credit facilities from First Republic Bank.

The coin will be used to continue Electric's expansion of TV and feature film production along with its worldwide sales and distribution arm. The company currently has TNT series "The Librarians," starring Rebecca Romijn and John Laroquette, which started shooting in April; Devlin is also in pre-production on "Geostorm," his feature directorial debut.

Electric's international sales and distribution division launched last year at the American Film Market. It has acquired international sales rights to the SXSW film "Kelly and Cal"; Audience Award winner "Before I Disappear," and the Terrence Malick-produced film "The Better Angels." It's also selling "God's Pocket," starring Philip Seymour Hoffman, and "The Wannabe," starring Patricia Arquette, Vincent Piazza and Michael Imperioli.

Devlin produced "Independence Day" and helped start Voltage Entertainment in 2005. He announced at the Toronto Intl. Film Festival last year that he was returning to the foreign sales/financing business through his Electric Entertainment banner.

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