MADRID — Spanish mini-studio Filmax Entertainment has initiated a 30 million euros ($33.6 million) capital increase, financing it in part via a $9 million contribution from Spain’s Sepides, the company development arm of Spanish state investment body Sepi.
At a time when many Spanish indie distribs have come under severe financial strain due to the collapse of sales possibilities to merged pay TV operator Sogecable, the capital increase will reinforce Filmax’s capacity to continue acquisitions for Spain and finance an ambitious slate of English-lingo pics, currently led by Brad Anderson’s “The Machinist” and Jaume Balaguero’s “Fragile.”
As part of the financing deal with Sepi, Filmax will increase its operations in the northern region of Galicia, expanding its Filmax Animation production activities, which are based out of Galicia’s Bren Entertainment, and building state-of-the art multiplexes in two Galician towns, La Coruna and Lalin.
Diversifying from its 1980s video biz, Filmax has seen significant growth over the last seven years, increasing all-rights pic acquisitions, and entering pic, toon and TV production and exhibition.
Revenues for 2002 stood at $89.9 million.
At the Cannes Film Festival, Filmax prexy Julio Fernandez unveiled the company’s new music label, Filmax Music, and announced that Filmax will begin to develop and produce vidgames.