The New York-based bank, which late last year arranged $225m in production and distribution funding for start-up Overture Films, said it will use subordinated debt for investments such as film and television financings, acquisitions and print and digital media start-ups.
This new initiative is intended to complement JPMorgan's entertainment advisory and banking business. Earlier this year it hired former Sony Pictures Entertainment heads Alan J Levine and Ken Lemberger to spearhead its Entertainment Advisors division, alongside entertainment banker David Shaheen.
That unit provides financial services and strategic advice on film and television finance, acquisitions, new ventures and digital media start-ups.
Over the past year JPMorgan has committed debt to film production and entertainment projects and made an equity investment in entertainment opportunity fund Vine Alternative Investments.
'There are exciting opportunities taking centre stage, and with the industry expertise, deep relationships, and deal-making abilities of Alan and Ken, we are well positioned to continue playing a leading role, not only as a financier, but as a trusted advisor and financial partner,' John Miller, vice chairman of West Coast Mid Corporate Banking and manager of the entertainment team, said.
'We see this as a way to leverage our firm's industry expertise, while supporting our clients' increasingly complex financing requirements,' said Betsy Cadwallader, managing director in JPMorgan's Principal Investments Management group.