Home / Arts and Entertainment / Electric Entertainment Pioneers Successful TV Production Model, Secures $100M Funding
Electric Entertainment Pioneers Successful TV Production Model, Secures $100M Funding
10 Oct
Summary
- Dean Devlin's Electric Entertainment shifts from big-budget movies to owning TV series
- Noah Wyle's "The Librarian" franchise becomes flagship for Electric, sparking new business model
- Electric secures $100M credit facility in 2022, allowing more creative freedom
Three weeks ago, Electric Entertainment, the production company founded by Dean Devlin in 2000, celebrated a major milestone in its evolution. What started as a traditional big-budget, sci-fi movie studio has transformed into a successful TV production powerhouse, thanks to a strategic shift that began in 2004.
That year, Devlin met with Michael Wright, then the senior VP of programming at TNT, who offered Devlin the opportunity to produce a TV movie on a cable budget, with the caveat that Devlin's company would own the rights. This led to the creation of "The Librarian" franchise, starring Noah Wyle, which became Electric's flagship series and sparked a new business model for the company.
Over the past 18 years, Electric has gone on to produce a total of seven TV series, from the crime drama "Almost Paradise" to the SyFy shows "The Outpost" and "The Ark." The company's focus on owning its content has paid off, and in 2022, Electric leveraged its library to secure a $100 million credit facility from Bank of America, giving it more financial freedom and creative control.
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According to Electric's founding partner Rachel Olschan-Wilson, this newfound independence allows the company to greenlight projects based on Devlin's instincts, rather than having to go through multiple executive committees. The company's success has also allowed it to expand its operations, with a 20,000-square-foot headquarters in West Hollywood that houses editing suites, a writers' room, and even a podcast studio.
