Agency kept separate from fund
CANNES -- WMA will announce a film fund in Cannes on Saturday whose value will total about $100 million. Although WMA could play a key role in the fund, it will be financed by multiple outside sources and exist as an entirely separate entity from the agency.
Film funds had been hugely popular in the past few years, funding a range of studio and indie projects, until the debt crunch and other factors essentially stopped new ones from being created in the middle of 2007.
A fund would be a boost to a specialty-film biz reeling from the shuttering of Warner Independent Pictures and Picturehouse and a cash crunch at ThinkFilm owner Capitol Films.
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