The former Magnet Media Group CFO’s company will specialise in packaging and closing finance deals and will base his company in Los Angeles and Chicago.
Steele will serve as the company’s CEO. Film Closings offer its strategic services to producers and companies working within all budget ranges and covers all areas of finance such as equity, gap, pre-sale, tax credit, and bridge funding.
“Financial closings can take anywhere from six to 12 weeks to complete and consume a considerable amount of time and energy,” Steele said. “Film-makers, under pressure from agencies, are usually rushing to make a start date and can’t properly prepare for the overwhelming amount of work that’s required to close the financing and the bond. This is why most independent films collapse during the closing process.”
Steele is currently consulting for Inferno Entertainment. He is also publisher of the film finance blog FilmClosings.com. He oversaw and closed deals for the Magnet Media Group projects including Dark Tide starring Halle Berry and Olivier Martinez. Prior to that he served as a director of film finance for Screen Capital International.