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Spanish panel boosts pic coin

Gov't approves 5% net charge, funds to finance films

The Spanish Parliamentary Commission approved a draft modification of the EU’s Television Without Frontiers directive, which stipulates that Spanish nets must commit 5% of their total annual revenue to the financing of European films or TV movies.

Last week’s action means the Spanish film industry can expect a financing bonanza of $40 million-$50 million in extra funding from local broadcasters.

Most of the projects to emerge from this order are likely to be local pics, although one broadcaster, Tele 5, has the contacts through shareholders Mediaset and the Kirch Group to make large Euro co-productions.

With total annual investment in Spanish filmmaking at about $130 million, the cash injection will represent a substantial increase.

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