Paramount has closed its first slate financing deal since talks with Deutsche bank collapsed in 2008 according to reports, signing a pact with Skydance Productions run by Oracle founder Larry Ellison’s son David Ellison.
Ellison has raised $350m in equity and a revolving credit facility led by J P Morgan Chase to make four to six high-cost action, adventure and genre titles.
According to the Los Angeles Times Skydance will get the opportunity to co-finance upcoming Paramount projects while the studio enjoys a reciprocal agreement.
The first film they will partner on is Mission: Impossible 4, set to begin production with Tom Cruise later this year. The initial roster include the Coen Brothers’ True Grit remake starring Matt Damon and Jeff Bridges, and the Jack Ryan reboot to star Chris Pine from Stark Trek.