Paramount uses German tax shelter to fund 4 pics
July 31st, 2000
According to Variety, Paramount pictures is working with HypoVereins bank of Germany to raise $280 million dollars through a tax shelter. Private German citizens will invest in four of Paramount's pictures in order to receive a tax write off. The four pics in question are: "I Was Made to Love Her," directed by Chris and Paul Weitz; "Hardball," starring Keanu Reeves and Diane Lane; "Shooter," to be directed by William Friedkin; and the Mutual Film Co.-developed comedy "Guam Goes to the Moon". The films are in varying states of development, from "Shooter" - still seeking a starrer to appear opposite Tommy Lee Jones, to "I Was Made to Love You" which is currently in post-production. This is not the first time Paramount has used German investors, but this new approach comes after a German re-write to the tax code tried to divert dollars thrown at Hollywood into European funds.
-- Coralie Cowan
(Source: Variety)
-- Coralie Cowan
(Source: Variety)
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