The Film Department
Encyclopedia
The Film Department is an independent movie production, finance and international sales company based in West Hollywood, California
. The company was founded by Warner Independent Pictures
and Miramax president Mark Gill and former Yari Film Group
COO and Miramax veteran Neil Sacker.
TFD received initial funding in the form of a $200 million capitalization from G.E. Capital, which was to allow them to produce 6 films per year budgeted between $10 and $45 million. TFD's intention was to make star-driven, commercial pictures at the high end of every genre aimed at a worldwide audiences. Allen & Company
also played a major role in financing the project.
In July 2008, The Film Department and Downtown Music Publishing
announced the formation of a new music film company and partnership, TFD Music. Through the partnership, Downtown Publishing will serve as the exclusive, worldwide administrator for the TDF Music copyrights and master recordings, and offer music supervision and soundtrack consulting services for motion pictures.
TFD's first release, “Law Abiding Citizen”, has generated $73 million of ticket sales. But The Film Department still hasn’t paid off all the release expenses. And its second film, starring Catherine Zeta-Jones, doesn’t have distribution yet.
Despite announcing plans for an initial public offering in February 2010, all TFD has to show for itself after two years of moviemaking is one hit and $34 million of losses.
The Film Department owes $62.3 million against $1.9 million of unspoken-for cash. Missed interest payments last summer put the firm in default, and attempts to raise new equity over the summer failed. Lenders are granting some leniency in hope of getting paid with I.P.O. proceeds.
According to Reuters, TFD will use about 40 percent of the $85 million it wants to raise to shrink debt. That will leave enough to finance just two more films before it embarks on another $160 million of borrowing."
West Hollywood, California
West Hollywood, a city of Los Angeles County, California, was incorporated on November 29, 1984, with a population of 34,399 at the 2010 census. 41% of the city's population is made up of gay men according to a 2002 demographic analysis by Sara Kocher Consulting for the City of West Hollywood...
. The company was founded by Warner Independent Pictures
Warner Independent Pictures
Warner Independent Pictures was the specialty division of film studio Warner Bros. Entertainment. Established in August 2003, its first release was 2004's Before Sunset...
and Miramax president Mark Gill and former Yari Film Group
Yari Film Group
The Yari Film Group is an independent film company founded in 2002, and headed by producer Bob Yari, which deals in financing, production, acquisition, sales and distribution of theatrical feature films....
COO and Miramax veteran Neil Sacker.
TFD received initial funding in the form of a $200 million capitalization from G.E. Capital, which was to allow them to produce 6 films per year budgeted between $10 and $45 million. TFD's intention was to make star-driven, commercial pictures at the high end of every genre aimed at a worldwide audiences. Allen & Company
Allen & Company
Allen & Company is a boutique investment bank based at 711 Fifth Avenue, New York City.-History:Founded in 1922 by Charles Robert Allen, Jr., he was soon joined by his brother, Herbert A. Allen, Sr...
also played a major role in financing the project.
In July 2008, The Film Department and Downtown Music Publishing
Downtown Music Publishing
Downtown Music Publishing is a full-service music publisher and copyright administrator. It was established in 2007 as a division of Downtown Music LLC and includes a catalog of over 8,000 titles from a varied roster of songwriters and writer-artists....
announced the formation of a new music film company and partnership, TFD Music. Through the partnership, Downtown Publishing will serve as the exclusive, worldwide administrator for the TDF Music copyrights and master recordings, and offer music supervision and soundtrack consulting services for motion pictures.
TFD's first release, “Law Abiding Citizen”, has generated $73 million of ticket sales. But The Film Department still hasn’t paid off all the release expenses. And its second film, starring Catherine Zeta-Jones, doesn’t have distribution yet.
Despite announcing plans for an initial public offering in February 2010, all TFD has to show for itself after two years of moviemaking is one hit and $34 million of losses.
The Film Department owes $62.3 million against $1.9 million of unspoken-for cash. Missed interest payments last summer put the firm in default, and attempts to raise new equity over the summer failed. Lenders are granting some leniency in hope of getting paid with I.P.O. proceeds.
According to Reuters, TFD will use about 40 percent of the $85 million it wants to raise to shrink debt. That will leave enough to finance just two more films before it embarks on another $160 million of borrowing."