Groenewold to raise coin for film, TV projects

BERLIN — In what may prove a sign of optimism in the current state of the German entertainment biz, David Groenewold’s Berlin-based GFP Medienfonds has launched a new film and TV fund for private investment.

The government last year stripped private investment funds of tax advantages — in the past, high-bracketed investors were attracted to such investment vehicles because they could write off their initial investments as a loss, which is no longer allowed.

The new GFP IV fund, which is aiming to raise E27 million ($35.5 million), will be for profit and guaranteed by a bond. The private capital will go into German TV and feature film projects whose distribution has been secured by presales.

GFP has focuses primarily on local TV and feature productions, financing upcoming TV series such as antiterrorism squad actioner “GSG 9” and theatrical pics including “Neues vom Wixxer” and “FC Venus.” Company has a production deal with local TV group ProSiebenSat 1.

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