The Turin Piedmont Film Commission has bought out LA based Endgame Entertainment’s 18 percent share in an ambitious film fund the two groups launched in tandem in 2007 under the name of Film Investment Piedmont (FIP).
Originally aimed to fund and produce high profile, commercial English-language projects, FIP is now 100 percent owner of the new, yet smaller fund, an FIP spokesperson told Screen Daily.
While it didn’t provide a reason for the buy out of Endgame’s share, the fund, kicked off in 2007 and modified in 2008, had never quite become operational.
Rules are yet to be defined but FIP will start out with Euros 4 million production fund. That is significantly down from the 2008 figure of Euros 14m announced in 2008. The first project announcements from the previous fund had been expected for spring 2010, but never came forth.
While the previous fund was set up to fund only English-language projects, the new one will not be exclusively tailored for English language productions but will now open its doors to Italian and European producers. The spokesperson told Screen Daily that projects could come “from anywhere… even Canada and America,” but that the difference is that the fund will not focus exclusively on these parts of the world.
Previously the fund was set up to provide for closing costs of films that had 75 percent of financing in place. Details for and access to the new fund’s format will be forth coming in July when the new board is expected to release rules.
FIP was likely able to buy out Endgame Entertainment’s share thanks to strong regional backing from the Turin Piedmont Region, which has always maintained a strong investment in the film industry and has the most developed film commission in Italy. Steve Della Casa, long time president of the Turin Piedmont Film Commission and an integral part of the launch of the original fund, will also over see FIP, the Turin Piedmont Film Commission spokesperson said. The region is one of the most prolific film making regions in Italy having hosted Paolo Sorrentino’s Il Divo, Marco Bellocchio’s Vincere, Dario Argento’s Giallo and Mario Martone’s We Believed, among other productions.