Stealth Media Group (SMG) and financier Premiere Picture have partnered to create a joint venture TV and film finance fund, Premiere Stealth Securities (PSS), set to launch at MIPCOM.
PSS will provide finance to underwrite international production tax credits, pre-sale contracts and commissions for TV and film productions.
According to Stealth, PSS has already secured over $39m (£25m) for investment from private equity funds and will accumulate $78m (£50m) over the next couple of months.
Michael Cowan, CEO SMG, told Screen that he expected roughly 65% of PSS to reach TV productions and 35% to be channelled into film. “We believe that PSS is filling a space in the market that is needed as the banks have retreated significantly in the last 18 months, to which private equity can fill the void, and as a business we can react quickly to opportunity and deals that make sense with quick decisions,” Stealth said in a statement.
“PSS joint venture is a natural progression for both companies and makes the perfect addition to Stealth’s growth. We can now offer a full spectrum of financial services that adds benefit to our existing sales and distribution and production businesses,” said Sean O’Kelly, joint CEO of SMG.
In May SMG picked up the Kushner Locke library of over 190 films for international sales. The company will be looking to close deals on these titles and pre-sales on romance Belle Du Seigneur (scheduled to shoot this autumn) at this year’s MIPCOM.
London- and LA-based SMG was formed in Feb 2009 by distribution and sales specialist Sean O’Kelly (founder of Go For It Entertainment) and Michael L Cowan of Spice Factory.
Premiere Picture has been involved in financing The Joneses, The Ward, Dreamer, Death Sentence and most recently Ian Fitzgibbon’s Perrier’s Bounty.