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Article: Investment banks no longer in the frame for financing the movies
- Article from:
- The Sunday Telegraph London
- Article date:
- July 20, 2008
- Author:
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Copyright informationCopyright 2008 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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THERE is a Eureka moment in the musical The Producers, when the
accountant Leo Bloom begins his doomed quest to put on the worst
show ever. "Under the right circumstances, a producer could make
more money with a flop than he could with a hit," he says.
A couple of years ago, the same was true of film financing. Tax
breaks meant that investors were guaranteed their money back whether
they funded an Oscar winner or a turkey.
These were repealed in 2006, but cheap credit, particularly in
Hollywood, had already filled the gap. Lured by the glamour of the
silver screen, private equity, banks and hedge funds piled in to
underwrite American blockbusters. More than $10bn is thought to have
found its ...
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