AIP absorbed by Cinecittà Holding
Audiovisual Industry Promotion – Filmitalia (AIP), the company responsible for promoting Italian cinema, will be absorbed by Cinecittà Holding to become a internal division of the group. The decision was made by Cinecittà’s Board of Directors, which will hold a majority stake in the company that was created two years ago in association with Fiera Milano, Italy’s biggest trade organizer.
This measure comes a few days after the resignation of AIP’s CEO Adriana Chiesa, who blamed the company’s inability to fulfill it’s mission on severe cuts to its financial resources. The company’s absorption will allow for savings of up to €500,000, to be invested in marketing abroad. AIP annually receives €1.7m from the state and would have had to receive matching funds from Fiera Milano. Further funds would have had to come from the ICE (Italian Institute for Foreign Trade) and private sponsors. Under the new structure, control and management of the company will be entirely public.
(Translated from Italian)
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