€68 million worth of support injected into the audiovisual and creative sectors (InvestEU)
The European Commission and the European Investment Fund (EIF) signed four investment agreements on Sunday 24 September at the San Sebastian Film Festival. Worth €68.25 million, the agreements are expected to mobilise around €500 million worth of new financing for audiovisual and creative companies and projects.
Copyright European Investment Fund
One of the agreements relates to an EIF approved equity investment of up to €25 million into the French fund Logical Content Ventures, this being the first transaction under the MediaInvest instrument. The agreement aims to raise up to €70 million in equity investment in European audiovisual production and distribution companies. Announced in the Media and Audiovisual Action Plan and launched at the Cannes Film Festival in 2022, MediaInvest targets to raise up to €400 million in equity investment, with a view to making the audiovisual sector more competitive at a global level.
A further three agreements with two Spanish entities, as well as one with a Luxembourgish entity, worth €20 million, €15 million and €8.25 million respectively, were signed on Sunday under InvestEU Cultural and Creative Sectors (CCS) Guarantee and are expected to leverage a portfolio of up to €425 million.
Commissioner for the Internal Market, Thierry Breton, said
Preserving a robust and independent European audiovisual industry is one of our best asset to defend our cultural diversity. The MediaInvest instrument, which I launched in Cannes last year, fulfils that. I am glad to see that the very first MediaInvest agreement has been signed. I look forward to seeing more deals to be concluded and achieve our target of crowding in up to €400 million in private investment to foster European audiovisual production and distribution and help companies better exploit their intellectual property assets.
Additionally, EU-supported films gathered 23 nominations at the San Sebastian Film Festival, with 9 titles selected to compete for the main prize. The winners will be announced at the awards ceremony on 30 September.
