Tuesday, May
19, 2009
Italy Restructures Film Promotion
Entity and Sets High Goals
THE ANNOTICO REPORT
Roberto Cicutto, the respected Italian
producer and distributor with more than 30 years experience, will head
the combined efforts of Cinecitta Luce, headed by CEO Luciano Sovena, Italo
film department czar Gaetano Blandini, and Italy's film promotion body
Filmitalia.
Cinecitta sets sights high
Revamped org wants to boost Italo
pic profile
By NICK VIVARELLI
Having undergone a radical reconfiguration,
Italy's film production and promotion entity, Cinecitta Luce, is poised
to boost its role as a local industry driver and to strengthen its international
ties under prexy Roberto Cicutto, the respected producer who has become
the Italian film industry's new ambassador.
Cicutto, former co-chief of prominent
Italo arthouse shingle Mikado, unveiled the new entity on the Croisette,
along with Cinecitta Luce CEO Luciano Sovena, and Italo film department
czar Gaetano Blandini.
Blandini said Cinecitta Holding and
Istituto Luce, the entity's production and distribution side, have been
merged into Cinecitta Luce as the final act of a restructuring, which will
shore
up some $80 million in accumulated debt.
Blandini, who described himself as
"the cleanup guy," has over the past year consolidated several Cinecitta
sub-units to make the company more cost-efficient, and sold off two others.
Cinecitta's Mediaport exhibition
loop of 120 screens went to Italo producer Massimo Ferrero for $36 million.
And the Italian government's 24% stake in Cinecitta's now-privatized studio
facilities, which are called Cinecitta Studios, went for $15 million to
the studio's other shareholders, which include producer Aurelio De Laurentiis.
Italy's film promotion body Filmitalia
has been folded into Cinecitta Luce, but will continue to operate as Filmitalia
since it's an an already known brand.
Cicutto, a producer and distributor
with more than 30 years experience, now takes the reins.
"The mandate I have is to try and
turn Cinecitta Luce into an entity that can provide producers, distributors
and all the people who do film business in Italy with the help they need
to utilize Italian tax credits for foreign producers, and also to tap into
our incentives for international distribution of Italian movies," Cicutto
said.
The recently introduced tax credits
provide international productions a 25% deduction with an E5 million ($6.6
million) cap.
For Italian producers, having Cicutto
at bat for them is considered a big plus.
"I know a lot of people in the industry
and on the festival circuit -- like Gilles Jacob, for example. So these
guys can't lie to me," Cicutto joked.
In his role as Cinecitta Luce chief,
Cicutto will also be taking an active role in luring co-productions to
Italy.
"One of the most important things
will be to try and simplify the co-production treaties across Europe. My
dream is that we could agree to hammer out one single treaty that works
all over Europe rather than have separate treaties for each country," he
said.
On the production side, CEO Sovena
said Luce will continue its two-pronged strategy of shepherding first works
by Italian helmers while concurrently pursuing international projects.
Luce has several co-productions in the works with Argentina, including
"Toxic Jungle," a musical rock comedy directed by Gianfranco Quatrini.
Cinecitta Luce's total budget for
2009 is $25 million. How it will be split between promotion and production
is still being decided.
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