Head Gear Films and Balkanic Media set up $25 million credit facility for productions in Serbia
- The fund will assist international productions with cash flow until they are able to access money from the government cash rebate
Last week, London-based financier Head Gear Films announced a $25 million (€23.03 million) investment in productions aiming to shoot in Serbia. The facility will be operated in partnership with Belgrade-based production outfit Balkanic Media, which was founded by Ironclad [+see also:
interview: Jonathan English
interview: Paul Giamatti
film profile] filmmaker Jonathan English together with Los Angeles-based producer James Gibb.
The fund will assist incoming productions to bridge the gap in cash flow until they are able to receive funds from the government cash rebate in Serbia, which offers 25% for qualifying film and TV productions, rising to 30% for qualifying Serbian spend on features with a budget of €5 million and above. Balkanic successfully produced two seasons of CW’s The Outpost and episodes of the third season of CBS’s Seal Team, which both benefited from the Serbian cash rebate.
Head Gear Films, founded by Phil Hunt and Compton Ross, said the fund would focus on TV series but would also be available for single-picture financing. This marks the largest commitment to Serbia by a single film financier and a further advancement of the international filming portfolio in the post-COVID-19 period. The fund is designed as a revolving credit facility without an end date, offering debt and gap financing for Balkanic’s service productions but also its own original content.
“I’ve always been keen on expanding into other areas, and this partnership with Balkanic will build on our growing television slate as well as continuing to lay foundations in other territories,” says Hunt.
“Serbia offers producers incredible value for money. We are thrilled to be partnering with Phil and Head Gear Films: this deal enables Balkanic to provide third-party producers, studios and TV networks with a suite of financing options that includes funding the state rebate,” adds Gibb.
“Serbia has positioned itself not just as a shooting location, but also as a reliable production partner. The government rebate, combined with low production costs, world-class studios at PFI and highly experienced crew, makes Serbia an unbeatable deal in Europe,” concludes English.
Balkanic is currently shooting the third season of the series The Outpost at PFI Studios in Belgrade for Electric Entertainment and Arrowstorm Entertainment. The company has also produced the indie films The Deal and Ederlezi Rising [+see also:
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