Public/private partnership to revive Lenfilm
One of Russia's oldest studios to get cash injectionMOSCOW -- One of Russia's oldest studio complexes, the state-owned Lenfilm, based in St Petersburg, is to get a new lease on life as a result of a "public/private partnership" between the government and AFK Sistema, the owner of the Russian World Studios (RWS).
Lenfilm's general director Vyacheslav Telnov told The Hollywood Reporter that he has positive expectations about the partnership. "If we are offered investment, we certainly welcome it," he said. "The studio complex is in poor state, and the situation can't be changed without pumping in cash."
According to Telnov, the first stage of the studio complex renovation is likely to require an investment of between $10 million - $15 million.
Earlier, privatization plans for Lenfilm were explored, but it was decided that it should remain state-owned and also retain its brand name, known since Soviet times.
Meanwhile, the exact details of the public/private partnership are still being worked out. "At the moment, we are looking at ways for a public/private partnership that would allow one of the oldest studios of our country to develop successfully," Yuri Sapronov, CEO of RWS, which has its own studio complex in St Petersburg, told THR. "But final decisions have not yet been made."