EURIMAGES, the Council of Europe’s fund for the production and distribution of European films, has renewed its partnership with Freeway Entertainment Group, offering favourable conditions for those producers which have received Eurimages support.
The new partnership, which followed a competitive call for tenders, is valid for three 3 years from 1 July 2014.
Freeway Entertainment Group Partner Martijn Meerstadt said: “We are delighted that Eurimages has renewed its partnership with Freeway as its official preferred collection agency. We have been working with producers who have received Eurimages support since 2009 to maximise their income from multi-territory exploitation giving them financial and business security as they invest in future projects.”
Since 1 January 2009, the use of collection accounts has been compulsory for co-productions with budgets equal to or greater than €3 million.
For projects with a budget of less than €3 million, Eurimages reserves the right to demand the setting up of a collection account by a collection agency.
The collection account management agreement must be made before the payment of the first instalment of the support granted by Eurimages is made.
However, it is also specified that Freeway Entertainment reserves the right to adapt these favourable conditions when some territories or media are excluded from the scope of the collection agreement besides those items indicated in the list of deductions.