By Ray Pride

Annapurna Adds $350 Million Credit Facility

[PR] – Annapurna, an independent entertainment company with film, television, and interactive verticals as well as an upstart marketing and distribution operation, has completed a $350 million revolving credit facility, it was announced today. The new line of credit will provide a firm financial foundation as the company continues to expand their enterprises and build its production, development, and distribution slates and expand into new mediums.

J.P. Morgan served as administrative agent and sole bookrunner for the facility, as well as co-lead arranger with Comerica Bank. Other parties included City National Bank, First Republic Bank, HSBC, MUFG Union Bank, SunTrust Bank and Wells Fargo.

“We are excited to provide financial support and industry expertise to Annapurna as they continue to build upon their success story,” said David Shaheen, managing director and head of Entertainment Industries for J.P. Morgan’s Corporate Client Banking group. “The enthusiasm shown from the entertainment banking community is a testament to what the company has accomplished.”

“We are grateful for J.P. Morgan and our entire bank group’s confidence in Annapurna.  Their backing, along with that of the many partners who have joined us this year, is validation of the platform Megan and our team have built, and we’re excited to have their support of our continued growth,” said Annapurna CFO, Josh Small.

Since 2012, Annapurna’s films have received thirty-two Academy Award nominations, including three Best Picture nods for AMERICAN HUSTLE, HER, and ZERO DARK THIRTY. Most recently, the company released the critically acclaimed film DETROIT, from filmmaker Kathryn Bigelow, as their first distribution title.


Annapurna, founded by Megan Ellison, focuses on creating sophisticated, high-quality content that is critically and commercially conscious while still appealing to a diverse audience. By upholding Ellison’s vision to put filmmakers and artists first and preserve their authentic creative voices no matter the genre or medium, in 5 years, the company has garnered a total of 32 Academy Award nominations for their projects, including ZERO DARK THIRTY, JOY, THE MASTER, FOXCATCHER, and THE GRANDMASTER. Ellison is also one of only four honorees ever to receive two Best Picture nominations in the same year, with HER and AMERICAN HUSTLE, both earning nods in 2014. Currently, Annapurna is in release for Kathryn Bigelow’s DETROIT, its first distribution title, which debuted to strong critical acclaim. Other upcoming releases for 2017 include Angela Robinson’s PROFESSOR MARSTON AND THE WONDER WOMEN. The company is also in production on the film adaptation of Maria Semple’s WHERE’D YOU GO, BERNADETTE, directed by Richard Linklater and starring Cate Blanchett, Billy Crudup, and Kristen Wiig and on Jacques Audiard’s first English-language film, THE SISTERS BROTHERS. Annapurna’s other recent projects include Mike Mills’ 20TH CENTURY WOMEN, which was nominated for two Golden Globes and earned Mills a Best Original Screenplay Academy Award nomination, as well as SAUSAGE PARTY, WIENER-DOG, and EVERYBODY WANTS SOME. Bigelow also directed and partnered with Annapurna on the animated short LAST DAYS, about illegal elephant poaching and the ivory trade

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“Roger Ebert claimed that the re-editing of The Brown Bunny after Cannes allowed him a difference of opinion so vast that he first called it the worst film in history and eventually gave it a thumbs up. This is both far fetched and an outright lie. The truth is, unlike the many claims that the unfinished film that showed at Cannes was 24 minutes shorter than the finished film, it was only 8 minutes shorter. The running time I filled out on the Cannes submission form was arbitrary. The running time I chose was just a number I liked. I had no idea where in the process I would actually be when I needed to stop cutting to meet the screening deadline. So whatever running time was printed in the program, I promise you, was not the actual running time. And the cuts I made to finish the film after Cannes were not many. I shortened the opening race scene once I was able to do so digitally. After rewatching the last 4 minutes of the film over and over again, somewhere within those 4 minutes, I froze the picture and just ended the film there, cutting out everything after that point, which was about 3 minutes. Originally in the salt flats scene, the motorcycle returned from the white. I removed the return portion of that shot, which seemed too literal. And I cut a scene of me putting on a sweater. That’s pretty much it. Plus the usual frame here, frame there, final tweaks. If you didn’t like the unfinished film at Cannes, you didn’t like the finished film, and vice versa. Roger Ebert made up his story and his premise because after calling my film literally the worst film ever made, he eventually realized it was not in his best interest to be stuck with that mantra. Stuck with a brutal, dismissive review of a film that other, more serious critics eventually felt differently about. He also took attention away from what he actually did at the press screening. It is outrageous that a single critic disrupted a press screening for a film chosen in main competition at such a high profile festival and even more outrageous that Ebert was ever allowed into another screening at Cannes. His ranting, moaning and eventual loud singing happened within the first 20 minutes, completely disrupting and manipulating the press screening of my film. Afterwards, at the first public screening, booing, laughing and hissing started during the open credits, even before the first scene of the film. The public, who had heard and read rumors about the Ebert incident and about me personally, heckled from frame one and never stopped. To make things weirder, I got a record-setting standing ovation from the supporters of the film who were trying to show up the distractors who had been disrupting the film. It was not the cut nor the film itself that drew blood. It was something suspicious about me. Something offensive to certain ideologues.”
~ Vincent Gallo

“I think [technology has[ its made my life faster, it’s made the ability to succeed easier. But has that made my life better? Is it better now than it was in the eighties or seventies? I don’t think we are happier. Maybe because I’m 55, I really am asking these questions… I really want to do meaningful things! This is also the time that I really want to focus on directing. I think that I will act less and less. I’ve been doing it for 52 years. It’s a long time to do one thing and I feel like there are a lot of stories that I got out of my system that I don’t need to tell anymore. I don’t need to ever do The Accused again! That is never going to happen again! You hit these milestones as an actor, and then you say, ‘Now what? Now what do I have to say?'”
~ Jodie Foster