101 Studios Launches New Film and TV Distribution Studio
Financiers Ron Burkle, Bob Yari, Marc Leder, Marvin Peart, Dan Schryer and East West Bank have partnered with CEO David Glasser and COO David Hutkin to announce the launch of 101 Studios, a new global entertainment studio headquartered in Century City.
101 Studios has lined up more than $300 million to acquire, develop and produce four to six films a year in the United States, in addition to financing and producing six to eight new television series it has in development. The company has already set up an international sales division.
Additionally, 101 Studios has closed on a $28.5 million television deal with Viacom for the first and second seasons of Yellowstone, the Taylor Sheridan modern-day western drama starring Kevin Costner. The program just wrapped on its second season. Yellowstone airs on Viacom's Paramount cable network and was the second-highest rated drama program on cable in its first year.
Financial backing is being provided by an impressive group of investors including Ron Burkle, managing partner of The Yucaipa Companies; entrepreneur and producer Bob Yari; Marc Leder, co-CEO of Sun Capital Partners, Inc.; Marvin Peart of Marro Media Co.; Dan Schryer, CEO of DCI Data Center Services; and East West Bank also is providing substantial financing, including capital for the Yellowstone investment.
Over the last decade, Glasser previously oversaw production, marketing and distribution for worldwide films, garnering a total of 195 Academy Award and Golden Globe nominations and 40 wins for titles including, but not limited to Inglourious Basterds, The King's Speech, The Artist, Django Unchained, Silver Linings Playbook, The Butler, and Lion. This includes Best Picture nominations seven years in a row and consecutive Best Picture wins for The King's Speech (2011) and The Artist (2012).
Hutkin, who will be Chief Operating Officer of 101 Studios, previously served in the capacity of head of strategy, investments and banking and ultimately in the role of CFO since the end of 2010. Over that time, he put together four facilities totaling $650M in CORPORATE revolvers under a syndicate of 16 banks with lead banks including Union Bank, Bank of America, East West Bank, UBS, CIT and Comerica. In addition, Hutkin structured over 30 individual Film and TV project deficit financings with banks, mezzanine partners and equity investors to develop and acquire content and strategic endeavors for another $500M. In his prior banking career across three banks, Hutkin structured approximately 175 film and television projects for independent producers and studios.
101 Studios also is negotiating the domestic rights to The Current War from East West bank and the producers of the film. The Current War, starring Benedict Cumberbatch and Michael Shannon, explores the untold story about the spread of electricity in the 19th century and the rivalry between inventors George Westinghouse and Thomas Edison.
101 Studios will be making additional project and executive announcements in the coming weeks.