Sonar Entertainment raises USD 121 million in production financing

Sonar Entertainment, independent television studio with a full suite of capabilities to develop, produce, finance, and distribute premium television content on a worldwide basis, announced that it has secured a new production finance facility of $121 million led by MidCap Financial.

'Sonar has continued to build its position as the leading independent TV studio through new series successes and expansion into kids & family and non-scripted programming,' said Tom Lesinski, CEO, Sonar Entertainment. 'Having significant and flexible production financing is core to our ability to meet the needs of our talented partners and create even more opportunities in bringing premium programming to the market. This is particularly important as networks and digital platforms continue to focus on high-end original programming as the most significant driver of ratings, subscriber growth, and audience retention.' 

'The acceleration of growth at Sonar over the last two years has been substantial and is testament to its capacity to deliver significant investment in the development and packaging of content, without relying on third parties, which leads to more control of creative and higher frequency of series orders,' said Gabriel de Alba, Chairman, Sonar Entertainment and Managing Director and Partner, The Catalyst Capital Group Inc. 'We are very excited about the future, marked by a production slate that continues to build with various series reordered, new series slated to premiere and new series greenlit and pilots ordered.'

In addition to 17 series on-air and in production, Sonar currently has an additional 21 projects set up at premier networks, and a robust pipeline of more than 40 shows and a library consisting of more than 1,000 titles.