On Sunday 24 September, the European Commission and the European Investment Fund (EIF) signed four investment agreements at the San Sebastián Film Festival. The deals, worth a total of €68.25 million, are expected to mobilise around €500 million worth of new financing for audiovisual and creative companies and projects.

One of the deals concerns an EIF-approved equity investment of up to €25 million in the French fund Logical Content Ventures (part of Logical Pictures). It aims to raise up to €70 million in equity investment in European audiovisual production and distribution companies.

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This is the first transaction made under MediaInvest, a new equity tool managed by the EIF targeting the audiovisual industry with €400 million over the period 2022-2027, which was launched at the Cannes Film Festival last year (see the news).

The three other deals have been sealed with two Spanish bodies (Cersa and Crea) and a Luxembourgish entity (The Archers). The agreements, worth €20 million, €15 million and €8.25 million, respectively, were signed on Sunday under the InvestEU Cultural and Creative Sectors (CCS) Guarantee and “are expected to leverage a portfolio of up to €425 million”.

Commenting on the four deals, Commissioner for the Internal Market Thierry Breton said: “Preserving a robust and independent European audiovisual industry is one of our best assets to defend our cultural diversity. The MediaInvest instrument, which I launched in Cannes last year, fulfils that. I am glad to see that the very first MediaInvest agreement has been signed. I look forward to seeing more deals to be concluded and achieving our target of crowding in up to €400 million in private investment to foster European audiovisual production and distribution, and to help companies better exploit their intellectual property assets.”

A total of 23 EU-backed films are in the line-up of this year’s San Sebastián Film Festival, including nine titles vying for the Golden Shell.