German facilities giant Das Werk has launched a new production and sales company in Spain under the name 42nd Street Productions.
Headed by CEO Thomas Spieker, the new company will invest some $200m in film and television production through 2005 with five-year plans encompassing nearly a dozen feature films developed in-house, close to 50 Spanish co-productions and as many as 23 international co-productions. A variety of TV movies, sitcoms, drama series and entertainment programs are also in development.
In addition to its production slate, 42nd Street will set up an international sales department to handle its own productions as well as most - if not all - of its Spanish co-productions.
According to Spieker, the firm may also pick up world rights on third-party titles in the future. Lil Broo, formerly with the Berlin Film Festival, will oversee the sales department.
42nd Street should have a strong impact on the Spanish audiovisual sector, where production players are always on the lookout for financing sources and where the rapidly expanding television industry hungers for new content.
What's more, Das Werk is in a privileged position to enter the production sector in Spain. Through En Efecto, the Spanish film lab and post-production house acquired by the German group last year, Das Werk maintains relationships with many of the country's leading production, distribution and television players.
The company also boasts strong international connections in its wide-ranging production interests, which include among others Germany's Road Movies, 310 Entertainment, Traumwerk, FFP Media, LA-based digital effects outfit Centropolis Effects and a majority interest in the US' Promark Entertainment Group.
42nd Street will be housed in En Efecto's Barcelona headquarters. Das Werk is publicly traded on Germany's Neuer Markt stock exchange.