P.S. banks on Hungary's tax break

Stillking, Pioneer team on production company

By WILL TIZARD

PRAGUE -- The Czech Republic's Stillking Films and Hungary's Pioneer Pictures have set up P.S. Films to co-produce and service pics in Budapest, taking advantage of Hungary's bar-setting 20% tax break for foreign productions and a host of high-tech studios around the capital.

Prague-based Stillking brings to the venture its experience on more than 40 pics including "Quantum of Solace," "Casino Royale" and the upcoming "G.I. Joe: The Rise of Cobra" and its strong Hollywood and London connections.

Pioneer is an off-shoot of Pioneer Prods., a participant in European pics including the upcoming Marv Films/Miramax Nazi-hunter thriller "The Debt," starring Helen Mirren and helmed by John Madden.

L.A.-based producer David Minkowski and London/Budapest-based producer Ildiko Kemeny will oversee P.S. operations.

That diversity, said Pioneer founding partner Jennifer Webster, "enables our partners to have access to us wherever and whenever they need to."

The international team also means "far fewer problems that can arise from cultural and language differences and much more peace of mind for our American and English partners," she said.