California-based television series, miniseries, and movies company Sonar Entertainment has raised a new production financing of $121 million.
The new financing increases Sonar’s funds for the development, funding, production and distribution of premium content, with the programming budget now more than $250 million.
Sonar will use the additional funding to support the rapid slate extension which went from 3 series in 2016 to 17 two years later.
The new capital round was led by U.S. commercial financial firm MidCap Financial.