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‘King’s Speech’ Producer Putting Money Into Terence Davies’ ‘Deep Blue Sea’

EXCLUSIVE: Fulcrum Media Finance, the London- and Sydney-based film and TV financier, has closed its first wholly British deal. Rachel Weisz stars in Davies’ new screen version of Terence Rattigan’s The Deep Blue Sea. Shooting on the UK Film Council and Film4 backed project begins in November. Tom Hiddleston will play Weisz’s reprobate RAF pilot lover and Simon Russell Beale her stolid husband. Fulcrum is cash-flowing the UK tax credit, worth 20% of the budget. In the movie business, that’s as risk free as you can get.

The financier hopes to finance 24 UK projects a year. Fulcrum is co-owned by Iain Canning and Emile Sherman, producers of Oscar-tipped The King’s Speech. Fulcrum offers to lend up to 95% of the value of the tax credit. Until now the financier has been financing either wholly Australian films or Australian/UK co-productions such as Oranges and Sunshine and Triangle. Canning tells me that UK producers should welcome working with a financier who’s a filmmaker too. Fulcrum says it will undercut banks such as Barclays and Coutts that offer this kind of finance. “As producers ourselves, we know filmmakers just want financiers to be straightforward with them and just get the job done,” Canning tells me. Read More »

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Aussie Fund Closes $17M Tax Break Facility

Australian-flagAustralian pension fund Super Media has arranged a A$20 million facility for Fulcrum Media Finance, the Australian film and TV financier. The attraction from Super Media’s point of view is that the money will just be used to cash-flow the Australian tax rebate. In the movie business, that’s about as risk-free film finance as you can get. Super Media currently has more than A$$2.5 billion under management.

Fulcrum has provided A$30 million of finance to 20 film and TV projects in both Australia and New Zealand, representing total production value of A$230 million. The new A$20 million facility adds to Fulcrum’s existing A$50 million funding capability, provided by an institutional bank and private investors. Apart from the Australian Producer Offset, Fulcrum also offers some gap finance, discounting distribution guarantees and bridging finance. Projects that it has helped finance include this year’s Cannes Film Festival closing Australian/French co-production The Tree and UK/Australian co-production Oranges and Sunshine. Fulcrum is also entering the UK market, providing similar services around the UK tax credit.

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