Sonar Entertainment announced that it has secured a new production finance facility of US$121 million led by MidCap Financial.

“Sonar has continued to build its position as the leading independent TV studio through new series successes and expansion into kids & family and non-scripted programming,” commented Tom Lesinski, CEO, Sonar Entertainment. “Having significant and flexible production financing is core to our ability to meet the needs of our talented partners and create even more opportunities in bringing premium programming to the market. This is particularly important as networks and digital platforms continue to focus on high-end original programming as the most significant driver of ratings, subscriber growth, and audience retention.”

In addition to 17 series on-air and in production, Sonar currently has an additional 21 projects set up at premier networks.

“The acceleration of growth at Sonar over the last two years has been substantial and is testament to its capacity to deliver significant investment in the development and packaging of content, without relying on third parties, which leads to more control of creative and higher frequency of series orders,” added Gabriel de Alba, Chairman, Sonar Entertainment and managing director and partner, The Catalyst Capital Group Inc.