French media giant Studiocanal has signed a 150 million Euro ($204 million) agreement with European media fund Anton Capital Entertainment to co-finance the international films the studio distributes over the next three years.
ACE will finance 30 percent of the studio’s releases, giving Studiocanal additional capital to expand its multi-territory distribution model, Studiocanal said. The investment by Studiocanal and ACE is expected to include about 100 films and reach up to 500 million Euros ($680 million) over the three years.
Studiocanal said it was the first time a European player had been able to secure such a financing deal, and the first time any studio has done it in several years.
"This deal is a major step forward in the company’s development strategy. It will allow Studiocanal to increase substantially its capacity to invest in the production and acquisition of international films," said Studiocanal chairman and CEO Olivier Courson. "It is a strong sign for us to be the first in Europe to achieve this kind of financing and have the confidence of such high-profile institutions, all the more so in a time of volatility in the financial markets."
Added Sébastien Raybaud, founding partner of ACE: "We are very proud to be part of this landmark transaction. For the first time, European institutional investors are backing a slate financing, and one which is focused on Europe."
