Continental Entertainment Capital spreads
Target clients include financial institutionsCANNES -- Continental Entertainment Capital is continuing its sweep through the global film industry with the Citigroup affiliate planning to offer financial advisory services to North American and European clients.
In addition to its L.A.-based single picture financing, structured finance business based in N.Y. and recently launched CEC Europe Paris bureau, CEC will offer advice on structuring and debt restructuring for media companies.
CEC's target clients include distributors, production companies, financial institutions requiring restructuring or rescue from debt. CEC will leave local-language production to Wild Bunch, in which the group has a majority stake, but are looking to help French producers wanting to expand into English-speaking production.
Despite the falling value of the dollar, CEC's CEO Benjamin Waisbren and CEC's new head of European operations Yann LeQuellec see Paris as the perfect spot to launch the new advisory service.
"Marketing films is less expensive in France and European audiences are more accepting of story-driven, director-driven films," Waisbren said. "We don't invest in movies, we invest in people."