Otero takes 15% stake in LAFC

An asset management company, the Otero Group is a founding partner in Brazil’s Rain Network, the biggest digital operator in Latin America, and owns Estudios Mega, one of the biggest post-production houses in Brazil.

Otero’s entertainment division is run by Julia Otero, who will represent LAFC’s interests in Brazil.

The Otero Group’s entry into the Latin American Film Co. comes after its first production, “Elite Squad,” won the Golden Bear at Berlin this year and was the highest-grossing Brazilian film of 2007.

“This strategic partnership is the perfect way to continue the momentum and expand the company’s reach in Brazil, which is filled with talented directors eager to share their stories with the world,” said Harvey Weinstein.

According to Costantini, the alliance with Otero pursues three goals. A first is to create tax-driven film fund for the production of Brazilian films and films shoots in Brazil.

“The LAFC aims to raise $20 million in tax funding to produce over five films over the next five years,” Costantini said.

Otero will seek film projects for funding and finally new LAFC investment partners.

The LAFC also has — undisclosed — film-sector partners in Mexico and Spain. Before the entry of the Otero Group, the Weinstein Co. and Costa Films held around 90% of LAFC shares.