State-owned entity oversees studios
ROME — Italian producer Roberto Cicutto has been tapped prexy of Cinecitta Holding, the state-owned film production and promotion entity that oversees Italy’s partly privatized Cinecitta Studios.
Widely respected on the international film circuit, Cicutto is former co-owner of prominent Italo arthouse shingle Mikado. More recently Cicutto launched Italo indie On My Own through which he produced Spike Lee’s “Miracle at St. Anna.”
Signaling his transition from making movies to managing major Italo film entities, Cicutto was also recently tapped topper of the Rome Film Festival’s budding movie mart.
Cicutto will run Cinecitta Holding in tandem with Luciano Sovena, former head of its Istituto Luce film production and distribution arm, who has been upped to Cinecitta Holding managing director.
The moves are part of a radical Cinecitta restructuring by Italo film Czar Gaetano Blandini, who has sold off its Mediaport exhibition chain, put the Italian government’s 24% stake in the studio facilities up for sale, and absorbed film promotion body Filmitalia.
This first step has reduced Cinecitta Holding losses from $83 million to $10 million. Further fat-cutting, reshaping and relaunching of the mammoth entity is planned.