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PARIS – Studiocanal has signed a major €150 million ($204.6 million) slate financing deal with London-based fund Anton Capital Entertainment marking the first time a European studio has used such a money model, Studiocanal announced in Paris on Thursday.
ACE will finance 30 percent of Studiocanal’s releases and the collaboration is expected to include 100 films for up to €500 million ($682 million) over the three year period.
ACE will focus on Studiocanal’s English-language titles and those with international reach such as recent title Tinker Tailor Soldier Spy, at the top of the U.S. box office since its Sept. 16 release.
ACE has raised the money from banks including Bank of America, Union Bank and Falcon Investment advisors plus other undisclosed European financial institutions. The deal marks the first time a European studio has been able to access such a huge sum from this kind of slate funding. “For the first time, European institutional investors are backing a slate financing, and one which is focused on Europe,” Anton Capital’s founding partner Sebastien Raybaud said, adding: “Studiocanal has shown solid artistic taste, tremendous financial discipline and strong risk management; investors really responded to their overall approach to distribution.”
Studiocanal will focus on upcoming projects on international scale, and can also access its vast back catalog of titles. “It is a strong sign for us to be the first in Europe to achieve this kind of financing and have the confidence of such high-profile institutions, all the more so in a time of volatility in the financial markets,” chairman and CEO of Studiocanal Olivier Courson said of the deal.
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