Germans bankroll pix for Par
Film slate expected to have budget of just under $1 bil
Germany's Deutsche Bank has set up Motion Picture Production GmbH & Co. Ertste KG in collaboration with HypoVereinsbank subsidiary Bayerische Immobilien-Leasing to finance up to seven international productions by the studio.
Films are expected to have a total production and marketing budget of slightly under $1 billion. However, the fund's total investment has not yet been set, though deals are essentially in place.
Majority of funding is expected to be channeled into production, with money also earmarked for marketing and a small remainder used for administration and other costs.
Separately, Par is also expected to again access German film fund specialist ALCAS to launch a new Munich Film Partners Fund. Called MFP Munich Film Partners New Century GmbH & Co. HAM Prods., fund will utilize private investors to invest at least $43,000 in the new $128 million production and P&A fund.
Par pics earmarked for the MPP fund include Richard Benjamin's "Marci X," starring Lisa Kudrow and Damon Wayans, and "Traffic's" Oscar-winning screenwriter Stephen Gaghan's directorial debut, "Abandon," with Katie Holmes and Benjamin Bratt.
Other upcoming titles expected to receive MPP funding are Jonathan Frakes' "Clockstoppers," William Friedkin's Benicio Del Toro starrer "The Hunted," the Ben Affleck- Samuel L. Jackson starrer "Changing Lanes," Randall Wallace's upcoming untitled Vietnam drama starring Mel Gibson and Michael Crichton's "Timeline," among other projects.
Last July, Par and German film fund ALCAS paired to raise some $280 million to finance four Par pics -- "Down to Earth," directed by Chris and Paul Weitz; "Hardball," starring Keanu Reeves and Diane Lane; "Shooter," to be directed by William Friedkin; and the Mutual Film Co.-developed comedy "Guam Goes to the Moon." (Daily Variety, July 28, 2000)
ALCAS, a subsidiary of KGAL Leasing backed by HypoVereinsbank, offers private German investors the opportunity to participate in a tax shelter scheme that will generate DM590 million ($283 million) to back the film projects while offsetting their tax bills. Previous Par productions financed by KGAL include "Mission: Impossible 2" and "Shaft."
