The partnership, announced in Cannes, provides for Solar to take over Savalescu’s Kentauros Studios and align with Paunescu’s Mandragora Studios, which are also in Bucharest. Viorel Sergovici, a member of the European Film Academy and Romanian Society of Cinematographers, has been appointed to run the day-to-day operations of Solar Studios.
The companies said combining the facilities will creates a “world-class” studio for production of feature films, TV series, commercials, and music videos along with production services, sound stages and expansive back-lots.
Solar Entertainment said that production will be augmented by production entity Solar Pictures, financing arm Solar Media Capital and banking services-advisory unit Solar Entertainment HLB. “Solar Studios will take advantage of the highly skilled Romanian crews, locations, labor and impressive set constructions at a fraction of a typical North American budget,” said Sergovici.
The formation of Solar Studios also makes Savulescu an SEG stakeholder alongside Edward Lawson Johnston, founder of the merchant bank LJ Group; the New York-based Shu family; Paunescu and former Comerica exec Underwood. Until last year, Savulescu was owner of the FC Dinamo football team.