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SGF invests $270 million in films
Wednesday October 18th 2006MONTREAL (CP) _ Societe generale de financement du Quebec, the provincial government’s investment arm, is hooking up with big-budget Hollywood producer Joel Silver and spending $18 million on a film project its says could bring as much as $170 million in investment money to the province.
SGF is investing $18 million in the project to finance and produce 15 movies over six years, six of which will be filmed in Quebec, along with partners Dark Castle and distributor Warner Bros. Pictures. Main financing for the project worth a total $270 million is being arranged by lead investor CIT Group Inc. Silver is known for his involvement in a number of blockbusters including The Matrix, Die Hard and Lethal Weapon series.
"We are pleased to join in the financing of this exciting project for Quebec’s movie sector," SGF president and general manager Pierre Shedleur said in a release.
"The benefits for Quebec will be significant, in terms of the effect on the economy, technological development and the know-how of our industry’s artists and experts."
The investment "will have major economic spin-offs and will provide jobs for many workers in this sector," said provincial Economic Development Minister Raymond Bachand. The project represents a total investment of $170 million for Quebec, SGF said, or about $28 million per film and generate total wages of $53 million and revenues of $12.4 million for the government of Quebec.
Headline, Industry News
SGF invests $270 million in films
Wednesday October 18th 2006MONTREAL (CP) _ Societe generale de financement du Quebec, the provincial government’s investment arm, is hooking up with big-budget Hollywood producer Joel Silver and spending $18 million on a film project its says could bring as much as $170 million in investment money to the province.
SGF is investing $18 million in the project to finance and produce 15 movies over six years, six of which will be filmed in Quebec, along with partners Dark Castle and distributor Warner Bros. Pictures. Main financing for the project worth a total $270 million is being arranged by lead investor CIT Group Inc. Silver is known for his involvement in a number of blockbusters including The Matrix, Die Hard and Lethal Weapon series.
"We are pleased to join in the financing of this exciting project for Quebec’s movie sector," SGF president and general manager Pierre Shedleur said in a release.
"The benefits for Quebec will be significant, in terms of the effect on the economy, technological development and the know-how of our industry’s artists and experts."
The investment "will have major economic spin-offs and will provide jobs for many workers in this sector," said provincial Economic Development Minister Raymond Bachand. The project represents a total investment of $170 million for Quebec, SGF said, or about $28 million per film and generate total wages of $53 million and revenues of $12.4 million for the government of Quebec.
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Headline, Industry News
SGF invests $270 million in films
Wednesday October 18th 2006MONTREAL (CP) _ Societe generale de financement du Quebec, the provincial government’s investment arm, is hooking up with big-budget Hollywood producer Joel Silver and spending $18 million on a film project its says could bring as much as $170 million in investment money to the province.
SGF is investing $18 million in the project to finance and produce 15 movies over six years, six of which will be filmed in Quebec, along with partners Dark Castle and distributor Warner Bros. Pictures. Main financing for the project worth a total $270 million is being arranged by lead investor CIT Group Inc. Silver is known for his involvement in a number of blockbusters including The Matrix, Die Hard and Lethal Weapon series.
"We are pleased to join in the financing of this exciting project for Quebec’s movie sector," SGF president and general manager Pierre Shedleur said in a release.
"The benefits for Quebec will be significant, in terms of the effect on the economy, technological development and the know-how of our industry’s artists and experts."
The investment "will have major economic spin-offs and will provide jobs for many workers in this sector," said provincial Economic Development Minister Raymond Bachand. The project represents a total investment of $170 million for Quebec, SGF said, or about $28 million per film and generate total wages of $53 million and revenues of $12.4 million for the government of Quebec.
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