Cinecitta Studios and Filmmaster Group Form New Italian Entertainment Group to Compete in Global Markets

Dec 09, 2010, 09:36 ET from Filmmaster Group and Cinecitta Studios

ROME, December 9, 2010 /PRNewswire/ --

- Strategic Alliance Announced Between the Filmmaster Group and Cinecitta Studios

- An International Live Show is Planned and the Company Will be Quoted on the Stock Exchange Within Three Years

1. Italian Entertainment Group, holding company of Cinecitta Studios, is taking a stake in the Filmmaster Group

2. An international group is being formed that will have sales of 126 million Euro in 2010 as a global player in the production of large events, TV commercials, and drama series

3. Within the agreement's objectives, a 'Content Factory' to be established to export to the world market

4. A big international live show dealing with cultural values and Italian show business is in the development phase

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After two years of trial co-operation, the partnership between Filmmaster Group, whose president and CEO is Sergio Castellani, and Cinecitta Studios, whose president is Luigi Abete and is controlled by the Italian Entertainment Group, has become a bona fide strategic alliance. The Italian Entertainment Group converted the bond loan subscribed at the time and issued additional assets amounting to 40% of the Filmmaster Group's capital, while the Filmmaster Group's partners took a 4% capital stake in the Italian Entertainment Group. Although various other possible combinations were proposed to the Filmmaster Group, only this one was deemed feasible in terms of synergy and business potential by the company's founding partners.

The fusion of the two groups has created one large 'Content Factory' capable of producing a diverse selection of Italian visual entertainment, from big drama shows to cinema. The estimated total sales for the two groups in 2010 is approximately 126 million Euro.

The Filmmaster Group's and Cinecitta Studios' years of experience have been consolidated into this worldwide endeavour, uniting the best of Italian creativity with the greatest international cinematographic production experience, together with entertainment events and advertising. This will once again make Italy an attractive investment for foreign companies while exporting the Italian entertainment model internationally.

Furthermore, the group's collective strength will be put to work in producing an awe-inspiring travelling live show that will spread Italian cultural values and generate worldwide interest.

In the medium term-over the next three years-the new group will focus on attaining a Stock Market listing.

SOURCE Filmmaster Group and Cinecitta Studios