What the Financial Bailout Means for the Movie Industry

On Wall Street, hearts have gone from heart attack-provoking levels to pitter patters, as an agreement was reached concerning the historic financial bailout. Hollywood, however, was never scared, actually.

 In fact, while the rest of the nation was feeling the heat banking quagmire that in the past week, Hollywood was waltzing to a different tune. Brooks Barnes of the New York Times noted:

“Hollywood’s most prominent independent production companies, closed on a $350 million revolving credit fund led by JPMorgan Chase and Comerica. The financing effort began just six weeks ago, said Asif Satchu, co-chief executive of the film company.”

An executive from Media Rights told the Times that this development goes to prove that ”money available banks are still in the business of putting money to work; they’re just making many fewer bets.”