Anchor Bay Secures $50 Million Credit Line9 May, 2005 By: Jessica Wolf
Anchor Bay Entertainment has closed a credit agreement with J.P. Morgan Chase bank for a $50 million, five-year secured revolving credit, Anchor Bay's parent company IDT Entertainment announced.
The company intends to use the credit line for the funding of production of live action movies, animated feature films and TV series for IDT's New Arc Entertainment. The money also will fund acquisitions of home entertainment titles for distribution by Anchor Bay and Manga Entertainment, both subsidiaries of IDT Entertainment.
“Our plan is to continue to grow IDT Entertainment's production, distribution and licensing businesses,” said Morris Berger, CEO of IDT. “This credit facility allows us to accelerate production expand our creative partnerships and add new titles. We are now positioned to play a leading role on the world entertainment stage.”