Lions Gate Entertainment and Vancouver-base CineGate Holdings have formed an equal joint venture production services company. CineGate Production Management Services which will cater to those film and television projects shooting in Canada that are accessing tax credits, particularly US studio productions.
In a statement, Lions Gate vice chairman and CEO Jon Feltheimer said the venture will provide not just a new revenue stream but help Lions Gate's distribution arm identify funded product. "The joint venture combines Lions Gate's industry relationships and production expertise with the Canadian syndication adeptness of the Media Ventures group, a leader in Canadian investor financing of U.S. studio productions in Canada. In return, Lions Gate will earn fees based on funds raised."
The new venture's chairman, John Dellaverson, has ambitiously forecast managing projects with cumulative production budgets of $300m by the end of March 2001.