U.S. Structured Finance Newsletter: The Continuous Reel of Film Rights
Studios have historically turned to co-financiers in order to finance their films, and film rights securitizations have allowed co-financiers to strategically employ structural leverage to support their film fundings. By creating securitization vehicles, co-financiers are able to issue notes that are paid from a pool of multiple films. The securitizations done to date have been backed primarily by major Hollywood Studio-produced films. Smaller studios tend to lack either a large portfolio of films, the financial strength to support film distribution, or the infrastructure necessary to manage securitization execution, so they are less prevalent in film rights securitizations. DBRS, Inc. has been issuing credit ratings on film rights securitizations since August 2010.
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