Atlantic Film Group, Prescience ink deal
Atlantic South to have access to facility worth $20 mil a yearCANNES -- Atlantic Film Group and U.K. financier Prescience have sealed a strategic alliance that will give Atlantic Film Group's Antipodean financing subsidiary, Atlantic South, access to a facility worth an anticipated $20 million a year, the companies said Sunday.
The British fund will provide debt, equity and bridge financing via Atlantic South for Australian and New Zealand productions and co-productions in the $5 million-$15 million budget range.
Atlantic South, based in Sydney and Auckland, is headed up by Atlantic Film Group founder, Alan Harris, a film producer and specialist in co-production and international financial structuring. Harris estimates that the Atlantic/Prescience venture could provide up to 60% of a qualifying production's budget.
"Atlantic South is a natural logical progression for the Atlantic Film Group brand" Harris said.
Added Prescience managing director Tim Smith: "We have worked successfully with Alan Harris on a variety of projects over the years and this agreement will open up an exciting new opportunity for both companies. The quality and commerciality of films being produced in both Australia and New Zealand is attractive both critically and financially and will complement the U.K. and U.S. product we are helping to finance and, via our sales operation, selling internationally."