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Media Super gets into film financing
An industry superannuation fund, Media Super, has broken new ground by providing debt financing for filmmaking in Australia via a joint-venture arrangement.
While the superannuation fund covering the building and construction industry, CBus, has been involved in property investment, Media Super has entered into a joint venture with Fulcrum Media Finance to provide a $20 million revolving loan fund to fuel the Australian Producer Offset for film and television production.
Confirming the arrangement in a media statement, the chair of Media Super, Gerard Noonan, described the new film fund as “a shot in the arm for the industry” as well as providing members of the fund with a sound financial return.
“This is a non-equity deal, backed by the Government through the Producer Offset, tailor made for Fulcrum specifically for the film and television industry,” he said.
Noonan said that it was important to note that returns were not linked to or reliant upon the financial success of a film.
“It is simply a debt facility principally secured by the payment of the Producer Offset tax rebate,” he said.
Noonan said the arrangement also meant that Media Super was engaging for the first time in a facility that directly benefited its members, film and television producers, as well as employee members of the fund.
AUTHOR
Mike Taylor
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