Milan Fininvest managing director Ubaldo Livolsi said that the group’s Medusa Films unit, along with soccer team AC, football club Milan and telephone directory business Pagine Utili are likely to be listed on the Milan stock exchange.
In a speech Tuesday in Rome, Livolsi said that the launch of the three units has been planned but he did not give any deadline.
Medusa Films is the film distribution and production arm of Silvio Berlusconi’s media empire. It also owns Cinema 5, which runs several theaters in Italy.
When all Fininvest’s TV activities were spun off and grouped in Mediaset in 1996, they were launched on the stock market; Medusa remained under the control of Fininvest. Fininvest is still fully controlled by the Berlusconi family.
Prod’ns get tax break
In an effort to lure more foreign production, Canada plans to unveil hefty tax credits for producers who lense north of the border.Effective immediately, the Canadian Federal Government will offer an 11% tax credit for all below-the-line labor costs in foreign film and TV production. The government of Ontario is also offering a new, separate 11% tax break, allowing producers to double their total savings to 22% for all below-the-line costs when filming in Ontario.
Under previous federal tax structure, Canada offered an 8¼% tax shelter.