Daily News: August 27, 2013

Medient Secures $5MM Line Of Credit For Development

Medient Studios said it executed a $5MM credit facility with TCA Global Credit Master Fund. The facility will finance development of motion pictures, and print and advertising costs for U.S. domestic release of films.

Donna Silverman, portfolio manager for TCA Global Credit Master Fund, said, “Medient’s vision is truly extraordinary, and we are proud to provide finance to help the company’s future growth. We look forward to a long term partnership with the Medient team.”

“Enabling a dedicated fund for development and P&A is the next logical step as we continue to insource and realign the process of how films are produced, marketed and distributed,” said Manu Kumaran, chairman & CEO of Medient. “We are thankful to TCA for believing in our vision, and providing this asset-backed lending facility to the company,” he added.

Medient is realigning the content creation process to enable efficiencies of scale and eliminate process waste by building a fully integrated movie and game production facility and campus on a 1,550 acre property in Effingham County, GA.