Hungary's Korda Studios Launches New Film Financing Service
The filmmaking complex near Budapest where 'Bladerunner 2049' and 'The 'Martian' were filmed is to offer 'financial, legal and tax advice' to productions.
Hungarian filmmaking complex Korda Studios is launching a new subsidiary, Korda Finance, to offer media finance, sales and distribution services to productions shooting in the southeastern European country and region.
Jonathan Halperyn, the former managing director of Focus Features International, has been hired as executive vp corporate development to spearhead the new focus on expanding the services Korda offers, the studio says.
The decision to open the new subsidiary coincides with the studio's 10th anniversary as Korda embeds its position as a major player in Hungary's vibrant domestic and international production business.
Since it opened in 2007 the studios have attracted major international productions that include Ridley Scott's The Martian, Denis Villeneuve's upcoming Blade Runner sequel Blade Runner 2049 and Showtime's TV miniseries The Borgias.
"Korda Finance will provide financial, legal and tax advice services to productions filming in Hungary and the region," the studio said in a statement.
"On the finance side it is offering producers access to local banks providing pre-financing of the local VAT and the 30 percent-plus Hungarian film tax rebate, plus via its network of global financial institutions it is also able to secure presales, gap, supergap and bridge loans depending on the needs of the project.
"The goal is to be able to facilitate all financing needs for any production with 30 percent of its equity financing already in place."
Korda is also launching a new short film grant to coincide with its 10th anniversary celebrations in the spring. The Sir Alexander Korda Short Film Grant — named after the studio's namesake, the famous Hungarian-born British producer and director — will provide cash and services worth up to 20,000 Euros ($21,300) to help "up and coming" filmmakers fund their projects.
Korda Film Studios, located 18 miles west of Budapest, opened in 2007. It features six soundstages, including the 63,000-square-foot 'Superstage', Europe's largest, and three backlots.