News
August 12, 2016
August 12th News Report from your Los Angeles Representative
Weekly Update from Kelly Graham-Scherer, Los Angeles Representative
Happy Friday everyone,
It's been a very quiet week in Los Angeles. Over the last few weeks the city has been besieged by its worst smog in several years and it feels as though many people are taking every opportunity to get out of town and enjoy fresher air before summer comes to a close.
Last week's report featured coverage of the latest round of feature films chosen to receive a share of California's limited tax credits. Following that good news story, there was some more sober analysis from the Los Angeles Daily News, which reports that the state's incentives program - which only considers the first $100 million of a budget eligible - is ill-positioned to attract big budget blockbusters.
http://www.dailynews.com/business/20160806/california-film-incentives-take-spotlight-but-blockbusters-need-greenlight
Each week it seems there is another announcement that demonstrates increasingly closer ties between Hollywood and China. This week the Los Angeles Times reports that STX Entertainment - widely heralded as one of the industry's most exciting indie shops - will expand its television and digital business after securing major investments from Chinese technology giant Tencent and Hong Kong-based telecommunications firm PCCW.
http://www.latimes.com/entertainment/envelope/cotown/la-et-ct-stx-tencent-20160811-snap-story.html
The failure of another potentially major deal also grabbed headlines this week. As reported by Deadline below, Canadian giant eOne rejected a takeover approach from UK broadcaster ITV, saying that the proposal, which values eOne at about US $1.3 billion “fundamentally undervalues the company and its prospects.”
http://deadline.com/2016/08/entertainment-one-rejects-takeover-bid-itv-one-billion-1201801335/
Finally this week, the film and television business in Northern Ontario is continuing to thrive and provide employment and business opportunities in that region. As reported below in The Bay Today, in 2015-15 the Northern Ontario Heritage Fund Corporation spent $27 million for 45 film and TV projects produced in the North, including Two Lovers and a Bear, Mean Dreams and Sleeping Giant - all of which screened at the Cannes Film Festival.
https://www.baytoday.ca/local-news/sudbury-film-industry-big-wynner-in-cash-handout-351172
Warmest regards,
Kelly
Kelly Graham-Scherer
Los Angeles Representative
Toronto/ Ontario Film Office
310-391-1868