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Media Super ups domestic media production investment
Media Super has increased its investment in local film and TV production from $20 million to $30 million following a review by its investment committee.
The alternative investment has returned approximately 8 per cent overall since inception and 8.8 per cent in the last financial year, according to Media Super chief executive Graeme Russell.
"The decision to increase our funding by 50 per cent is a reflection of the ongoing confidence we have in the benefits of this unique financing model," Russell said.
The fund has provided a cashflow loan facility to local film and TV productions through a partnership with Fulcrum Media Finance since 2010. The non-equity arrangement is backed by the Government through the Producer Offset.
"The revolving funding arrangement helps to develop one of our core industries, with the provision of debt finance during the key production stage," he said.
"Many of our members and participating employers work in creative industries, and a productive investment like this not only generates solid earnings for their industry super fund but also supports the development of one of our key industry sectors."
The investment was supported by the Media, Entertainment and Arts Alliance (MEAA) and Screen Producers Association of Australia (SPAA).
Under the current cashflow model, Media Super had invested millions into financing a range of domestic film and TV productions with many more in the pipeline, according to Russell.
"It adds depth to the existing pool of finance available to support local productions and complements the funds available from other institutional and private investors," he said.
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