ROME -- Responding to recent cutbacks in the allocation of Italy's public funds for indigenous cinema, Rome's Cinecitta Holding company said Thursday that it has created a new private equity fund called Cinefund. At a press conference in Rome, Cinecitta Holding president Carlo Fuscagni outlined his plan for drumming up €50 million-€70 million ($63.7 million-$89.2 million) from regional public offices, various private investors and advertisers who would all chip in at least €250,000 ($318,601). The fund would then be used to co-produce 30-40 Italian films annually, with plans to invest no more than €2 million ($2.5 million) per project. Fuscagni said the fund will participate in international co-productions as well. The fund expects to raise as much as €25 million ($31.9 million) by the end of the year with the rest provided within the following 12 months.
- 10/29/2004
- The Hollywood Reporter - Movie News
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