Cecchi Gori flush with New Capital


ROME -- Vittorio Cecchi Gori, the Florentine film mogul whose productions have won five Oscars, Friday announced the creation of a new production company called New Capital.

Cecchi Gori, the 65-year-old son of the late producer Mario Cecchi Gori, announced the new company will focus on producing films for cinematic distribution and for television. Initial capital will be 10 million euros ($14.8 million).

The Cecchi Gori Group is one of the best-known names in the Italian film industry. But the famed production house's output diminished significantly in recent years amid a series of lawsuits and financial woes that led to a declaration of bankruptcy in 2006.

But the company is still best known for its backing of some of the best-known Italian films of the last generation, including three Oscar-winning productions: "Mediterraneo," which took home the prize for foreign-language film in 1992; "Il Postino" (The Postman), which won for best score and was nominated for best picture in 1996; and "La Vita e Bella" (Life Is Beautiful), which won three Oscars including best foreign-language film in 1999.

Further details about New Capital were not released.