Senator Entertainment taps new P&A fund
Senator Entertainment has signed an agreement with the newly established PandA fund to guarantee up to 70% of the P&A costs on the future releases of its distribution arm Senator Film Verleih.
The first three titles set to benefit from this new financing instrument are the Italian hit comedies Maschi Contro Femmine and the sequel Femmine Contro Maschi – both to be released this summer – and the romcom A Little Bit Of Heaven with Kate Hudson and Gael Garcia Bernal which will open in August 2011 on around 300 prints.
According to an adhoc communiqué, this new financing instrument “stabilises the liquidity of distribution and therefore also of production and acquisition of new films” as the German company’s future becomes more secure.
The collaboration with PandA follows close in the wake of Senator Home Entertainment’s conclusion of a multi-year extension for its distribution deal with Universum Film for DVD, Blu-Ray and Digital Download. This deal and an accompanying license package agreement with Universum has triggered an additional flow of financing to be invested in the acquisition and production of new films by Senator in 2011 and 2012.