DCR Finance Corp to spend $500 million in Malta
- The New York-based fund is teaming up with Augusto Pelliccia and other Italian partners to invest in the local film and TV sector
Last week, New York-based outfit DCR Finance Corp confirmed that it has secured a $500 million deal to bolster film and TV production in Malta. The outfit, headquartered in the Trump Building on Wall Street, has purposely created a consortium of studios and firms ready to invest in the small Southern European island's audiovisual sector.
DCR, whose team includes veteran producers Adi Cohen (The Last Full Measure, Alpha) and Mark Damon (The Last Full Measure, The Hurricane Heist), has announced that the deal was enabled by the advantageous local tax rebate, which can cover up to 40% of the production budget spent in the country.
In detail, the consortium includes several Italian companies and is headed up by Augusto Pelliccia (Catharsys or The Afina Tales of the Lost World, Parasitic Twin), of Italy's Augustus Studios and Malta's CABA Production, who is about to expand his commercial network to the island after setting up his business in Rome, London, Madrid and Morocco.
Speaking about the deal, Pelliccia explained: “DCR and CABA will use a new production system where post is embedded in production. The system moves post services into production, cutting cost and time, radically… Thanks to this agreement, the tax rebate, the strategic position of the island, the diversity of locations it presents and, most of all, its excellent production infrastructure, we can contribute to creating value and growth for Malta.”
Cohen added: “DCR’s intention is to grow and provide a constant solution for filmmakers so that they can complete their films and obtain distribution and sales. This deal continues DCR’s strategy in finding new and original ways to finance films through joint ventures like the important one DCR has in the state of Georgia with Go Media’s Len Gibson and Wayne Overstreet.”
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