IDT Ent., a burgeoning force in the animation industry, will fund its slate of six computer-animated feature films with help from a $125 million credit agreement with a bank group led by J.P. Morgan Chase Bank. The five-and-a-half year agreement provides for a secured revolving credit facility to cover a portion of the production and marketing costs of films currently in the works, as well as future projects.
“We’ve spent the past two years putting our executive and production team in place, expanding our asset portfolio, and establishing our capability for distributing film and TV programming,” says Morris Berger, CEO of IDT Ent. “This credit facility enables us to build on our library of intellectual properties and to kick our production slate into high gear.”
John. W. Miller, managing director and head of Western Region Corporate Banking for J.P. Morgan Securities Inc., adds, “Their business savvy, ability to attract A-list creative talent, and their broad vision for the future have established IDT Ent. as a top-tier player. We see a very bright future for this entertainment company and we want to continue to be a part of their ascent.”
IDT Ent.’s first 3D-animated feature film, Yankee Irving, was being directed by actor/director Christopher Reeve at the time of his death earlier this year. Featuring a voice cast led by Rob Reiner, Whoopi Goldberg, William H. Macy, Brian Dennehy and Mandy Patinkin, the father-son love story is in production at IDT Entertainment Animation’s studio in Toronto with release slated for late summer, 2006. Distribution will be handled through IDT Ent.’s recently announced multi-picture deal with Twentieth Century Fox.
For television, IDT recently produced the one-hour family holiday special, The Happy Elf, with Harry Connick Jr.’s HC Prods. The CG-animated production debuted on NBC on Dec. 2 and was released on home video this week by IDT’s Anchor Bay.
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