Super money to cash flow offset
Superannuation fund Media Super and Fulcrum Media Finance have partnered in a $20m revolving loan fund to cash flow the Producer Offset.
“The new film fund should be a shot in the arm for the industry as well as providing our members with a sound financial return,” said Gerard Noonan, chairman of Media Super.
Noonan emphasised the fact that the Offset is not linked to, or reliant upon, the financial success of the film.
“It is simply a debt facility principally secured by the payment of the Producer Offset tax rebate,” he said.
Media Super is the superannuation fund for print, media, entertainment and arts professionals, and Noonan added that this will be the first time that the fund engages in an initiative that directly benefits some of its members, including producers. It has more than 120,000 members and $2.5 billion in assets.
These funds will add to Fulcrum’s current funding, to reach a total of more than $50m – with the participation of an institutional bank and private investors.
Encore will have an interview with Noonan and Fulcrum executive director Sharon Menzies later today. More to follow.
